Patterson-UTI price target lowered to $16 from $18 at Barclays

Barclays analyst J. David Anderson lowered the firm’s price target on Patterson-UTI to $16 from $18 and keeps an Overweight rating on the shares. The analyst updated offshore energy services post the Q3 reports. The Q3 earnings brought further indications of an expected increase to U.S. land drilling activity, more evidence that North America profitability lows are higher than past cycles driven by increasing service intensity, and that geothermal is continuing its growth track, the analyst tells investors in a research note.