|Day Low/High||15.29 / 15.74|
|52 Wk Low/High||10.94 / 22.12|
After an eight-rig increase last week, the U.S. rig count has come down by four to 954, with oil rigs down one and gas rigs down by three.
You may want to stay away from tech, from the crowded trades. But maybe you shouldn't give up so easily, says Jim Cramer.
SEVENTY SEVEN ENERGY INC. ("SSE") and PATTERSON-UTI ENERGY, INC.
Oil rigs climbed by 10 to 662 overall, while the Houston oilfield services provider's gas rig tally grew by five. BHI's count has now climbed over 160 rigs this year.
In recent trading, shares of Patterson-UTI Energy Inc. have crossed above the average analyst 12-month target price of $28.12, changing hands for $28.53/share.
Here's how to trade seven of the most active stocks on the market Wednesday.
Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Patterson-UTI Energy Inc. , where a total volume of 16,388 contracts has been traded thus far today, a contract volume which is representative of approximately 1.6 million underlying shares (given that every 1 contract represents 100 underlying shares).
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The company's newly formed pressure-pumping joint venture might result in 1.3 million horsepower of idled hydraulic fracturing equipment one day re-entering an already oversupplied North American market.
Patterson-UTI (PTEN) stock coverage was started at DA Davidson on Thursday.
Comments by the oilfield service giant led analysts to revise their earnings estimates downward but some still think it's a buy.