Patterson-UTI price target lowered to $14 from $17 at Piper Sandler

Piper Sandler analyst Luke Lemoine lowered the firm’s price target on Patterson-UTI to $14 from $17 and keeps an Overweight rating on the shares. Since Q1 reporting began, the OIH has been relatively flat, the firm says. However, it sold down fairly hard from the beginning of April into earnings season. With this, a fair amount of stocks were de-risked, and there wasn’t the level of volatility that Piper expected with the prints.