Susquehanna analyst Charles Minervino lowered the firm’s price target on Patterson-UTI (PTEN) to $8 from $9 and keeps a Positive rating on the shares. The firm updated its model to reflect the business activity update recently provided by the company. In the Drilling Services segment, rig count is now at 100 rigs and expected to decline a little bit further by quarter-end, after averaging 106 for the first two months of quarter. As a result, they lowered the rig count assumption to 103 for the quarter, from 106 previously.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PTEN:
- Patterson-UTI Highlights 2025 Strategic Focus and Updates
- Patterson-UTI price target lowered to $7 from $9 at JPMorgan
- Moody’s cuts U.S. rating, Trump urges Walmart to ‘eat’ tariffs: Morning Buzz
- Citi downgrades Patterson-UTI to Neutral on pricing risk
- Patterson-UTI downgraded to Neutral from Buy at Citi