Why I'm Downranking Patterson-UTI To Hold

Group 1 - Patterson-UTI took write-downs of nearly $1 billion in 3Q24, significantly impacting its valuation after two acquisitions last year [1] - The acquisitions included a 55% combination with NexTier and the purchase of technology company Ulterra [1] - The write-downs resulted in a reduction of Patterson-UTI's accounting value, indicating potential challenges in integrating the acquired companies [1]