Patterson-UTI price target lowered to $19 from $24 at Piper Sandler

Piper Sandler analyst Luke Lemoine lowered the firm’s price target on Patterson-UTI to $19 from $24 and keeps an Overweight rating on the shares. The debate still remains on how much U.S. land activity will decline and what this will do to pricing and margins, the analyst tells investors. Even if North America will be better than current market expectations, it is "hard to disprove the negative thesis" at the moment, Stifel says.