Patterson-UTI price target lowered to $11 from $12 at Barclays

Barclays lowered the firm’s price target on Patterson-UTI (PTEN) to $11 from $12 and keeps an Overweight rating on the shares. The firm says pressure pumpers guided to double-digit declines in Q4 revenue quarter-over-quarter though lower 48 drilling activity should decline only modestly. While no 2025 guidance was provided, nothing was said to change Barclay’s view of flat to down 5%-10% next year, the analyst tells investors in a research note.