Morgan Stanley is moving Patterson-UTI Energy, Inc. PTEN to Underweight, saying that it estimates PTEN has significant downside if the domestic natural gas rig count were to roll over, given the company's high exposure to the spot market.
“On the flip side, we believe PTEN has limited upside, given the strong recent performance in the stock and a relatively full valuation by historical measures,” Morgan Stanle writes. “The risk to our thesis is the acceleration in the vertical oil-directed rig count and full absorption of potential weakness in the gas directed component.”
Patterson-UTI Energy currently trades at $19.75.
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