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TheStreet Wire

Patterson-UTI Energy Stock Hits New 52-Week Low (PTEN)

By TheStreet Wire 06/22/12 - 11:04 AM EDT

Find out if (PTEN) is in Cramer's Portfolio.

NEW YORK (TheStreet) -- Patterson-UTI Energy (Nasdaq:PTEN) hit a new 52-week low Friday as it is currently trading at $13.63, below its previous 52-week low of $13.66 with 455,281 shares traded as of 10:40 a.m. ET. Average volume has been four million shares over the past 30 days.

Patterson-UTI Energy has a market cap of $2.3 billion and is part of the basic materials sector and energy industry. Shares are down 27% year to date as of the close of trading on Thursday.

Patterson-UTI Energy, Inc., through its subsidiaries, provides onshore contract drilling services to oil and natural gas exploration and production companies in the United States and Canada. The company has a P/E ratio of 6.6, equal to the average energy industry P/E ratio and below the S&P 500 P/E ratio of 17.7.

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TheStreet Ratings rates Patterson-UTI Energy as a hold. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and compelling growth in net income. However, as a counter to these strengths, we find that the stock has had a generally disappointing performance in the past year. You can view the full Patterson-UTI Energy Ratings Report.

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