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Upgrade Alert for Patterson-UTI Energy (PTEN)

By Nick Russo

Patterson-UTI Energy (NASDAQ:PTEN) was upgraded from Hold to Buy at Jefferies today. The stock closed yesterday at $20.70 on volume of 4.2 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 $20.70, 89% above that low price. The 200-day and 50-day moving averages have moved 0.18% higher and 1.46% higher over the past week, respectively.

Patterson-UTI Energy (NASDAQ:PTEN) is currently priced 17.9% above its average consensus analyst price target of $17.00. The stock should find initial support at its 50-day moving average (MA) of $17.59 and further 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 12.5%. 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