Midday Update: Patterson-UTI Energy Inc. (PTEN) Charges Ahead 3.73% on August 3

Patterson-UTI Energy Inc. (PTEN) has been one of the best performers amongst all NYSE and NASDAQ listed stocks in the basic materials sector during morning trading on August 3. At the lunch break, shares of PTEN have gained 3.73% to $19.49 after closing the day prior at $18.79. In the first two and a half hours of trading, the stock has gone as high as $19.49 and as low as $18.69. Today's rise has come with about 1.53 million shares changing hands, compared to an average 30-day volume of 4.08 million for Patterson-UTI Energy Inc.. The price is currently below the 30-day volume weighted average price of $19.24 for PTEN.

The share appreciation gives the company a market capitalization of $2.77 billion based upon 147.37 million shares outstanding. It also means that PTEN has a price-to-book ratio of 1.15:1.

In the past 52 weeks, shares of PTEN have traded as low as $10.935 and as high as $22.12. Technical traders will take note that at $19.49, shares of PTEN are trading above their 200-day MA at $16.8 and below their 50-day MA at $20.18. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move through or holding above them is typically regarded as bullish.

Who is PTEN?

Patterson-UTI Energy Inc is a provider of contract services to the oil and natural gas industry. It operates in three segments namely contract drilling services, pressure pumping services, and oil and natural gas exploration and production. The company’s 3400 employees are led by CEO William Andrew Hendricks from the corporate headquarters at 450 Gears Road in Houston, TX.

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