Patterson-UTI Energy (PTEN) PT Lowered to $25 at Deutsche Bank

Deutsche Bank lowered its price target on Patterson-UTI Energy (NASDAQ: PTEN) to $25.00 (from $26.00) while maintaining a Buy rating following the company's 4Q earnings report. Pressure pumping margins were about 200 bps below management guidance, the downdraft in the stock really got momentum during the conference call once management discussed a $675m capex budget for 2018.

A capex hike combined with some investors positioning for a dividend increase hurt the shares. Analyst, David Havens thinks the reaction is overdone and the stock offers an attractive long opportunity.

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