Patterson-UTI price target lowered to $12.50 from $14 at BofA

BofA lowered the firm’s price target on Patterson-UTI to $12.50 from $14 and keeps a Buy rating on the shares. Weak macroeconomic and oil fundamentals, including the wobble in early June post the June 2 OPEC+ meeting, has “Energy staying on a weak footing,” says the firm, which cut its second half and 2025 EBITDA forecasts for the Oilfield Services group due to a weaker outlook in North America.