Patterson-UTI Energy Rises On Unusually High Volume (PTEN)
Patterson-UTI Energy (Nasdaq:PTEN) is trading at unusually high volume Thursday with 10.4 million shares changing hands. It is currently at 3.7 times its average daily volume and trading up $1.54 (+7.4%).
Editor's Note: TheStreet ratings do not represent the views of TheStreet's staff or its contributors. Ratings are established by computer based on metrics for performance (which includes growth, stock performance, efficiency and valuation) and risk (volatility and solvency). Companies with poor cash flow or high debt levels tend to earn lower ratings in our model. NEW YORK ( TheStreet) -- Patterson-UTI Energy (Nasdaq: PTEN) is trading at unusually high volume Thursday with 10.4 million shares changing hands. It is currently at 3.7 times its average daily volume and trading up $1.54 (+7.4%) at $22.34 as of 12:54 p.m. ET.
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Patterson-UTI Energy has a market cap of $3.07 billion and is part of the basic materials sector and energy industry. Shares are up 10.5% year to date as of the close of trading on Wednesday. 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 9.6, below the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates Patterson-UTI Energy as a buy. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, attractive valuation levels, good cash flow from operations, expanding profit margins and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income. You can view the full Patterson-UTI Energy Ratings Report. See all heavy volume stocks in our stocks moving on unusual volume list or get investment ideas from our investment research center. It's Official: Action Alerts PLUS beats the S&P 500 with Dividends Reinvested! Cramer and Link were up 16.72% in 2012. Were you? See what they are trading for 14-days FREE.