Patterson-UTI Energy (PTEN -1.8%) shares are downgraded to Sector Perform at RBC Capital, which...

|About: Patterson-UTI Energy, Inc. (PTEN)|By:, SA News Editor

Patterson-UTI Energy (PTEN -1.8%) shares are downgraded to Sector Perform at RBC Capital, which also lowers its target price to $16 from $24. The firm says while it continues to expect PTEN's corporate transformation strategy to play out over the long-term, it is stepping to the sidelines near-term in the face of developing industry headwinds.