Downgrade Alert for Patterson-UTI Energy (PTEN)
Patterson-UTI Energy (NASDAQ:PTEN) was downgraded from Buy to Hold at GMP Securities today. The stock closed yesterday at $19.23 on volume of 4.8 million shares, above average daily volume of 4.2 million.
Patterson-UTI Energy (NASDAQ:PTEN) defies analysts with a current price ($19.23) 11.6% above its average consensus price target of $17.00. The stock should find initial support at its 50-day moving average (MA) of $17.34 and further support at its 200-day MA of $15.56.
Patterson-UTI Energy share prices have moved between a 52-week high of $23.11 and a 52-week low of $10.94 and closed yesterday at 76% above that low price at $19.23 per share. The 200-day and 50-day moving averages have moved 0.20% higher and 3.14% higher over the past week, respectively.
Patterson-UTI Energy, Inc. provides land-based drilling services to major and independent oil and natural gas companies. The Company conducts drilling operations in Texas, New Mexico, Utah, Oklahoma, Louisiana, and western Canada. Patterson-UTI is also involved in pressure pumping, oil and gas exploration and production, and drilling and completion fluids services.
SmarTrend is monitoring the recent change of momentum in Patterson-UTI Energy. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Patterson-UTI Energy in search of a potential trend change.
Keywords: analyst upgrades/downgrades patterson-uti energy