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Upgrade Alert for Patterson-UTI Energy (PTEN)

By Shiri Gupta

Patterson-UTI Energy (NASDAQ:PTEN) was upgraded from Hold to Buy at Gabelli & Co today. The stock closed yesterday at $18.42 on volume of 4.7 million shares, above average daily volume of 4.3 million.

Over the past year, Patterson-UTI Energy has traded in a range of $10.94 to $22.81 and closed yesterday at $18.42, 68% above that low. Over the past week, 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) defies analysts with a current price ($18.42) 7.7% above its average consensus 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.

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 tracking the current trend status for Patterson-UTI Energy and will alert subscribers who have PTEN in their portfolio or watchlist when shares have changed trend direction.

Keywords: analyst upgrades/downgrades patterson-uti energy

Ticker(s): PTEN