Patterson-UTI Energy Inc. (PTEN): Today's Featured Basic Materials Laggard

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

Patterson-UTI Energy ( PTEN) pushed the Basic Materials sector lower today making it today's featured Basic Materials laggard. The sector as a whole closed the day up 0.6%. By the end of trading, Patterson-UTI Energy fell $0.48 (-2.5%) to $19.11 on average volume. Throughout the day, 3,491,231 shares of Patterson-UTI Energy exchanged hands as compared to its average daily volume of 2,451,900 shares. The stock ranged in price between $18.83-$19.94 after having opened the day at $19.78 as compared to the previous trading day's close of $19.59. Other companies within the Basic Materials sector that declined today were: USEC ( USU), down 10.8%, Atlatsa Resources ( ATL), down 10.0%, Lone Pine Resources ( LPR), down 9.8% and Sonde Resources ( SOQ), down 9.7%.

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. Patterson-UTI Energy has a market cap of $2.9 billion and is part of the energy industry. Currently there are 8 analysts that rate Patterson-UTI Energy a buy, 1 analyst rates it a sell, and 7 rate it a hold.

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 and reasonable valuation levels. We feel these strengths outweigh the fact that the company has had somewhat weak growth in earnings per share.

On the positive front, Crosshair Energy ( CXZ), up 31.1%, Constellation Energy Partners ( CEP), up 10.1%, Quaterra Resources ( QMM), up 9.8% and Miller Energy Resources ( MILL), up 9.6% , were all gainers within the basic materials sector with Freeport-McMoRan Copper & Gold ( FCX) being today's featured basic materials sector leader.

For investors not wanting singular stock exposure, ETFs may be of interest. Investors who are bullish on the basic materials sector could consider Materials Select Sector SPDR ( XLB) while those bearish on the basic materials sector could consider ProShares Short Basic Materials Fd ( SBM).

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.

null

More from Markets

Stocks Fall Hard as Earnings Disappoint, Caterpillar Tumbles

Stocks Fall Hard as Earnings Disappoint, Caterpillar Tumbles

Jim Cramer: If You're Afraid of the 10-Year Yield, Go to Cash

Jim Cramer: If You're Afraid of the 10-Year Yield, Go to Cash

Eli Lilly CEO Expresses Confidence in New Rheumatoid Arthritis Drug

Eli Lilly CEO Expresses Confidence in New Rheumatoid Arthritis Drug

Video: Jim Cramer on Rising Interest Rates, Trade Worries & Caterpillar

Video: Jim Cramer on Rising Interest Rates, Trade Worries & Caterpillar

Apple Suppliers Slide After European, Asian Chipmakers Echo Smartphone Concerns

Apple Suppliers Slide After European, Asian Chipmakers Echo Smartphone Concerns