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Downgrade Alert for Patterson-UTI Energy (PTEN)

By David Diaz

Patterson-UTI Energy (NASDAQ:PTEN) was downgraded from Neutral to Underperform at Macquarie today. The stock closed yesterday at $19.88 on volume of 3.2 million shares, below average daily volume of 4.3 million.

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.

In the past 52 weeks, Patterson-UTI Energy share prices have been bracketed by a low of $10.94 and a high of $22.81 and closed yesterday at $19.88, 82% above that low price. 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 (NASDAQ:PTEN) is currently priced 14.5% above its average consensus analyst price target of $17.00. The stock should discover initial support at its 50-day moving average (MA) of $17.59 and subsequent support at its 200-day MA of $15.58.

SmarTrend recommended that subscribers consider buying shares of Patterson-UTI Energy on May 26th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $18.76. Since that recommendation, shares of Patterson-UTI Energy have risen 8.7%. We continue to monitor PTEN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades patterson-uti energy

Ticker(s): PTEN