Jefferies Downgrades Patterson-UTI Energy (PTEN) to Underperform

Jefferies downgraded Patterson-UTI Energy (NASDAQ: PTEN) from Hold to Underperform with a price target of $12.00.

Analyst Brad Handler cited: (1) sharper estimate reductions for 2015/16 and (2) "OFS without the top of the cost curve." "The latter undermines deepwater development, "forces" asset obsolescence and challenges non-core activity levels (even in the U.S., at least on a mid-cycle basis)," he commented.

The analyst also notes rig obsolescence and lower normalized day rates.

For an analyst ratings summary and ratings history on Patterson-UTI Energy click here. For more ratings news on Patterson-UTI Energy click here.

Shares of Patterson-UTI Energy closed at $17.16 yesterday.

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