We recently published a list of 10 Firms Stand Strong Amid Market Decline. In this article, we are going to take a look at where Patterson-UTI Energy (NASDAQ:PTEN) stands against other firms stand strong amid market decline.
The US stock market finished the day on a sour note anew amid the lack of fresh catalysts to spice up trading while investors repositioned their portfolios ahead of 2025.
On Monday, the Dow shed 0.97 percent or 418 points, while the S&P’s broad index decreased 0.95 percent or 56.48 points. Nasdaq Composite registered the biggest decline, down 1.19 percent or 235.24 points.
Despite losses, 10 companies managed to eke out gains, with those in the energy sector posting notable performance. Let’s explore why.
To come up with Monday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A drilling site in the wilds of nature, highlighting the company’s commitment to exploration.
Patterson-UTI Energy Inc. (NASDAQ:PTEN)
Patterson-UTI Energy (NASDAQ:PTEN), a company engaged in land drilling, pressure pumping services, and directional drilling, reported an 8.12-percent increase in its stock price on Monday, ending the day at $8.11 each.
Just recently, Turnwell Industries, Patterson-UTI’s joint venture firm with Schlumberger, closed a $1.7-billion agreement with Abu Dhabi-based ADNOC for drilling and associated services of 144 unconventional oil and gas wells. The latter said that it would set up Turnwell to have it executed.
Abu Dhabi, one of the largest oil producers in the world, has an estimated 220 billion barrels of unconventional oil and 460 trillion cubic feet of unconventional gas.
According to ADNOC, Turnwell will leverage cutting-edge innovations in AI smart drilling design, completions engineering, and production solutions to responsibly deliver and secure the UAE’s unconventional energy needs and resources.
Overall, PTEN ranks 7th on our list of firms stand strong amid market decline. While we acknowledge the potential of PTEN as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PTEN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.