Patterson-UTI price target lowered to $10 from $12 at Stifel

Stifel lowered the firm’s price target on Patterson-UTI (PTEN) to $10 from $12 and keeps a Buy rating on the shares. In line Q2 results and Q3 guidance highlight the resiliency of Patterson’s “high-quality equipment despite persistent headwinds,” the analyst tells investors. The firm continues to view the risk/reward as favorable, but is reducing its 2026 forecast to reflect uncertainty and lowering its price target based on a revised sum-of-the-parts analysis.