Analysts at DA Davidson initiated coverage on Patterson-UTI Energy Inc. (NASDAQ: PTEN) stock, rating the company at Buy. As a means of comparison, a number of other analysts have commented on the company recently, and the company has earned a consensus one-year price target of $21.27, $18.79. Patterson-UTI Energy Inc.stock has a 52-week high of $22.12.After initiating coverage,, analysts and brokerage firms will subsequently issue periodic updates. Changes in price targets are not unusual.
U.S. stocks finished higher Thursday, near their intra-day highs.
The Dow Jones Industrial Average DJIA, +0.99% closed up 177.71 points, or 1%, at 18,212.48, led by a 3.4% surge in shares of Apple Inc. AAPL, +3.40%
All 30 of the Dow components finished in the green.
The S&P 500 index SPX, +1.01% wrapped up 21.49 points, or 1%, to 2,147.26, and all the large-cap gauge’s sectors ended higher, topped by a 1.7% rise in the tech sector and a 1.1% gain in health-care shares
The Nasdaq Composite Index COMP, +0.36% advanced 18.52 points, or 0.4%, to close at 5,173.77.
Stock prices often move to the upside on recommendations and new price targets of professional analysts.
Shares of Patterson-UTI Energy Inc. (NASDAQ: PTEN) opened at $18.79 today and traded in a range between, $18.43 and $19.25, and last traded at $19.03, which represents a change of $ 0.61 over the previous closing price.
Patterson-UTI Energy Inc. (NASDAQ: PTEN) currently has a market cap of 2.78B
The stocks average daily volume is 3,665,630 shares out of a total float 124,598,000 of and some 3,241,104 shares traded hands yesterday, 54 percent lower than normal. Look for trading volume to pick up in the coming days as momentum traders often use increases in trading volume to identify heavy volume accumulation or distribution by institutional investors.
However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these retain substantial teams of analysts that research thousands of stocks. Thus, watching their interests is a good way to ensure you are buying the right stocks.
By tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on trades.
With that in mind Patterson-UTI Energy Inc. (NASDAQ: PTEN) now has a 50-day MA is $19.86 and 200-day MA is $19.08, and it has traded in a 52-week range between $10.94 – 22.12 and today’s last price is -13.97 percent off the 52 week high.
Earnings growth is an important factor to look at when buying stocks and investors look for companies that have grown their earnings at least 25% or more for the past 3 years.
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