NEW YORK (

TheStreet

) --

Patterson-UTI Energy

(Nasdaq:

PTEN

) hit a new 52-week high Tuesday as it is currently trading at $31.38, above its previous 52-week high of $31.31 with 521,196 shares traded as of 11:22 a.m. ET. Average volume has been 3.3 million shares over the past 30 days.

Patterson-UTI Energy has a market cap of $4.8 billion and is part of the

basic materials

sector and

energy

industry. Shares are up 40% year to date as of the close of trading on Monday.

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Patterson-UTI Energy, Inc. provides onshore contract drilling services to independent oil and natural gas operators in North America. The company has a P/E ratio of 40.6, below the average energy industry P/E ratio of 41.1 and above the S&P 500 P/E ratio of 16.7.

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TheStreet Ratings rates Patterson-UTI Energy as a

buy

. 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, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook. You can view the full

Patterson-UTI Energy Ratings Report

.

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