Patterson-UTI price target lowered to $10.50 from $12.50 at BofA

BofA analyst Saurabh Pant lowered the firm’s price target on Patterson-UTI to $10.50 from $12.50 and keeps a Buy rating on the shares. Weakening global oil demand growth and abundant supply is setting up for a challenging 2025 for oil price and Oilfield Services stock picking, the analyst tells investors. The firm believes the current global oil supply/demand outlook demands U.S. Land oil production to flatten “and quickly,” notes the analyst, who has lowered price targets by 6% on average across the group.