Patterson-UTI Energy Reaches New 52-Week High (PTEN)

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 Thursday as it is currently trading at $24.96, above its previous 52-week high of $24.89 with 341,133 shares traded as of 10:06 a.m. ET. Average volume has been 3.5 million shares over the past 30 days.

Patterson-UTI Energy has a market cap of $3.61 billion and is part of the basic materials sector and energy industry. Shares are up 31.4% year to date as of the close of trading on Wednesday.

Patterson-UTI Energy, Inc., through its subsidiaries, provides onshore contract drilling services to major and independent oil and natural gas operators in the United States and Canada. The company has a P/E ratio of 12.6, below the S&P 500 P/E ratio of 17.7.

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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 largely solid financial position with reasonable debt levels by most measures, attractive valuation levels, solid stock price performance, good cash flow from operations and expanding profit margins. We feel these strengths outweigh the fact that the company has had somewhat weak growth in earnings per share. You can view the full Patterson-UTI Energy Ratings Report.

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