Patterson-UTI price target lowered to $12 from $14 at Barclays

Barclays analyst J. David Anderson lowered the firm’s price target on Patterson-UTI to $12 from $14 and keeps an Overweight rating on the shares as part of a Q3 earnings preview for the energy services group. The firm sees limited downside risk to estimates saying macro concerns, low expectations and a lack of catalysts are well reflected in the group’s “discounted valuations.” With 2025 looking a lot like 2024, outperformance will be dictated by differentiated businesses and themes driving earnings visibility in a low growth market, the analyst tells investors in a research note.