Patterson-UTI price target lowered to $15 from $16 at Barclays

Barclays lowered the firm’s price target on Patterson-UTI to $15 from $16 and keeps an Overweight rating on the shares. The sentiment towards North America onshore energy services has quickly turned bearish over the past few weeks, primarily driven by a combination of increasing production efficiencies and the natural gas story being pushed to 2025, creating an uninspiring commodity price backdrop, the analyst tells investors in a research note. As a result, the group lacks catalysts and uncertainty around activity mounts, says Barclays.