Citi lowered the firm’s price target on Patterson-UTI to $11 from $12.50 and keeps a Buy rating on the shares as part of a broader research note on U.S. Oil & Gas Equipment and Services. The firm notes that given the pull-back in crude, it is lowering its U.S. land rig count forecast to reflect a flat scenario through the end of 2025. Citi adds that it still expect gas drilling activity to rise by about 25 rigs through 2025-end, but now assumes this to be offset by an oil rig count drop of 25 rigs, reflecting a need to slow U.S. production growth.
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