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In a report published Tuesday, Jefferies analyst Brad Handler reiterated a Hold rating on Patterson-UTI Energy (NASDAQ: PTEN), but lowered the price target from $23.00 to $20.00.
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In the report, Jefferies noted, “Drilling efficiencies and an even-more muted gas outlook could leave the U.S. rig count flat for two years. We think drillers likely chase the ongoing displacement of mechanical rigs by AC rigs. The result, in our view, is ongoing higher capex, less earnings growth and less-than-attractive shares. We downgrade HP and PES to Hold from Buy, although HP's FCF and leadership leave it as our preferred stock in this segment.”
Patterson-UTI Energy closed on Monday at $20.79.