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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) hit a new 52-week high Monday as it is currently trading at $23.58, above its previous 52-week high of $23.50 with 190,913 shares traded as of 9:36 a.m. ET. Average volume has been 3.1 million shares over the past 30 days. Patterson-UTI Energy has a market cap of $3.42 billion and is part of the basic materials sector and energy industry. Shares are up 22.9% year to date as of the close of trading on Friday. 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 11.7, below the S&P 500 P/E ratio of 17.7.