Patterson-UTI Energy (PTEN) : Traders are bullish on Patterson-UTI Energy (PTEN) as it has outperformed the S&P 500 by a wide margin of 2.67% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 9.19%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 9.16% in the last 1 week, and is up 3.06% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
Patterson-UTI Energy Inc. is up 21.79% in the last 3-month period. Year-to-Date the stock performance stands at 41.62%. The stock has recorded a 20-day Moving Average of 7.35% and the 50-Day Moving Average is 3.94%.
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 $21.00 and $20.64 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $21.29. The buying momentum continued till the end and the stock did not give up its gains. It closed at $21.22, notching a gain of 0.24% for the day. The total traded volume was 3,274,085 . The stock had closed at $21.17 on the previous day.
Also, Brokerage firm Citigroup maintains its rating on Patterson-UTI Energy (NASDAQ:PTEN). As per the latest information, the brokerage house lowers the price target to $22 per share from a prior target of $23. The shares have been rated Neutral. The rating by the firm was issued on August 9, 2016.
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.