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Downgrade Alert for Patterson-UTI Energy (PTEN)

By Shiri Gupta

Patterson-UTI Energy (NASDAQ:PTEN) was downgraded from Neutral to Underperform at Credit Suisse today. The stock closed yesterday at $18.22 on volume of 3.2 million shares, below average daily volume of 4.3 million.

Patterson-UTI Energy (NASDAQ:PTEN) defies analysts with a current price ($18.22) 6.7% above its average consensus price target of $17.00. Patterson-UTI Energy shares have support at the 50-day moving average (MA) of $17.59 and additional support at the 200-day MA of $15.58.

Over the past year, Patterson-UTI Energy has traded in a range of $10.94 to $22.81 and closed yesterday at $18.22, 67% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.5%.

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

Ticker(s): PTEN