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Patterson-UTI downgraded to Neutral from Buy at Citi

Citi analyst Scott Gruber downgraded Patterson-UTI to Neutral from Buy. Given the risk of negative revisions, compressed multiples appear appropriate for U.S. oil & gas equipment and services stocks, Gruber argues. While contracts rolling presents a near-term positive catalyst, the decline in gas drilling will limit domestic fleet growth while pricing "appears near peak," the analyst added.

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