Patterson-UTI price target lowered to $14 from $14.50 at BofA

BofA lowered the firm’s price target on Patterson-UTI to $14 from $14.50 and keeps a Buy rating on the shares. Oilfield services’ year-to-date strength hides cross currents in upstream capex, but the firm thinks Saudi’s about face on its oil MSC expansion has minimal impact on 2024-25 D&C spending and thinks that peak international spending concerns are “overblown,” the analyst tells investors in a research Q1 preview for the oilfield services group.