Patterson-UTI Energy Rises On Unusually High Volume (PTEN)

NEW YORK ( TheStreet) -- Patterson-UTI Energy (Nasdaq: PTEN) is trading at unusually high volume Tuesday with 5.7 million shares changing hands. It is currently at two times its average daily volume and trading up 43 cents (+2.1%) at $20.60 as of 2:06 p.m. ET.

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Patterson-UTI Energy has a market cap of $2.84 billion and is part of the basic materials sector and energy industry. Shares are up 8.3% year to date as of the close of trading on Monday.

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 11.3, 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 solid stock price performance, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels 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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