Patterson weighed down by U.S. land rig oversupply.
We are lowering our fair value estimates for land drillers by 5% to 15%, with Helmerich & Payne moving to $41 from $43, Precision to $3 from $3.25, Patterson to $13.50 from $14, and Nabors to $6.50 from $7.50. Our no-moat rating for all of the names remains in place.The lower fair values come partly from a more pessimistic near-term outlook for the companies’ results, as we think U.S. land rig counts for the companies are likely to peak in mid-2018 along with the overall U.S. horizontal ri...
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