Barclays lowered the firm’s price target on Patterson-UTI (PTEN) to $8 from $11 and keeps an Overweight rating on the shares. The company posted a strong Q1 and expects only a modest quarter-over-quarter decline in Q2, but visibility in the second half of the year is unclear with Patterson-UTI in “wait and see” mode on how companies respond to recent oil price volatility, the analyst tells investors in a research note.
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