Correction: Patterson-UTI Energy gaps up after results, levels to watch The company reported earnings of 40 cents for its Q4 versus expectations of $29 cents. Shares are currently up over 7.4% at time of writing, off the highs of the session. At the current price of $22.36, resistance is at $23.26, the session high. Support is at $22.14, a prior pivot high from January 2012. NOTE: A prior story in the same form above indicated February 2012 as the pivot high date, thanks to subscriber who caught the error.
Patterson-UTI downgraded to Market Perform from Outperform at Wells Fargo Wells Fargo downgraded Patterson-UTI to Market Perform and cut its rating on the Land Drilling sector to Market Weight from Overweight. The firm believes weakness in the global oil market is likely to persist into 2016 and lowered its price target range for shares to $15-$19 from $22.50-$25.