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.
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