Goldman Sachs Downgrades Patterson-UTI Energy (PTEN) to Neutral

Goldman Sachs downgraded Patterson-UTI Energy (NASDAQ: PTEN) from Conviction Buy to Neutral with a price target of $26.00 (from $43.00).

Goldman now projects WTI to average $74/b in 2015. Analyst Waqar Syed said, "We are lowering our exposure to companies with US land leverage and as such downgrade PTEN from a Buy (CL) to Neutral."

The firm revises 2014/15/16 EPS by +1%/-40%/-40% to reflect the impact from a lower oil price.

For an analyst ratings summary and ratings history on Patterson-UTI Energy click here. For more ratings news on Patterson-UTI Energy click here.

Shares of Patterson-UTI Energy closed at $24.45 yesterday.

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