UPDATE: Deutsche Bank Cuts Target to $20 on Patterson-UT

Deutsche Bank lowers its price target on Hold-rated Patterson-UT PTEN from $22 to $20 on headwinds in the company's pressure pumping segment. Deutsche Bank says, "PTEN's core drilling business has proven to be relatively resilient despite weak gas prices and a turbulent macro environment. The pressure pumping segment is going through some transitional issues, however. Some of these (seasonality, transition to liquids plays) will abate while others may not. Although we believe the pumping market as a whole will hold up, the smaller/ non-integrated players which benefitted from the dramatic rise in frac intensity may suffer disproportionately as the market matures." PTEN closed at $17.98 a share on Monday.