Company Shares of Patterson-UTI Energy Drops by -0.47%

Patterson-UTI Energy (NASDAQ:PTEN) has tumbled 0.47% during the past week, however, the bigger picture is still very bullish; the stocks have advanced and posted positive gains of 20.24% in the last four weeks. In the past week, the company has outperformed the S&P 500 by 0.72% and the outperformance has advanced to 19.14% for the last 4 weeks period.

Patterson-UTI Energy (NASDAQ:PTEN): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $20.78 and $20.56 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $21.37. The buying momentum continued till the end and the stock did not give up its gains. It closed at $20.97, notching a gain of 1.94% for the day. The total traded volume was 4,336,981 . The stock had closed at $20.57 on the previous day.

The company shares have rallied 5.64% from its 1 Year high price. On Jun 8, 2016, the shares registered one year high at $22.12 and the one year low was seen on Jan 20, 2016. The 50-Day Moving Average price is $18.86 and the 200 Day Moving Average price is recorded at $16.38.

Many analysts have stated their opinion on the company shares. Credit Suisse downgrades its view on Patterson-UTI Energy (NASDAQ:PTEN) according to the research report released by the firm to its investors. The shares have now been rated Underperform by the stock experts at the ratings house. Earlier, the shares had a rating of Neutral. Credit Suisse raises the price target from $14 per share to $15 per share on Patterson-UTI Energy . The rating by the firm was issued on June 1, 2016. Currently the company Insiders own 6.1% of Patterson-UTI Energy shares according to the proxy statements.

Patterson-UTI Energy, Inc. owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company operates in three segments: Contract Drilling; Pressure Pumping, and Oil and Natural Gas. The Company markets its contract drilling services to oil and natural gas operators in the continental United States, and western and northern Canada. The Companys Pressure Pumping segment provides pressure pumping services to oil and natural gas operators in Texas, Southwest Region and the Appalachian region, Northeast Region. The Companys Oil and Natural Gas segment owns and invests in oil and natural gas assets as a non-operating working interest owner. The Companys oil and natural gas working interests are located in producing regions of Texas and New Mexico.

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