Patterson-UTI downgraded to Equal Weight from Overweight at Barclays

Barclays downgraded Patterson-UTI (PTEN) to Equal Weight from Overweight with a price target of $6, down from $7. The firm says that despite a “still-softening” lower 48 completions market, with frac fleets down 20% since mid-July, valuations for some onshore energy services stocks have risen in the past month on distributed power exposure. This exposure it now fully reflected in current valuations, the analyst tells investors in a research note. Barclays moved to the sidelines on the pressure pumpers, anticipating both activity and pricing declines in the completions market over the next several quarters.