Patterson-UTIEnergy (Nasdaq: PTEN) is the Barchart Chart of the Day. The well drilling company has a Trend Spotter buy signal, a Weighted Alpha of 72.20+ and gained 50.85% in the last year.

The Chart of the Day belongs to Patterson-Uti Energy . I found the well drilling stock by using Barchart to sort the Russell 300 Index stocks first by the most frequent number of new hihgs in the last month then again by technical buy signals of 80% or more. Since the Trend Spotter signaled a buy on 9/29 the stock gained 10.66%.

Patterson is one of the leading providers of domestic land drilling services to major & independent oil & natural gas companies. The Company focuses its operations in Texas & southeast New Mexico. The Company currently has a drilling fleet of 114 drilling rigs, 108 of which are currently operable. The Company is also engaged in the development, exploration, acquisition & production of oil and natural gas; however, due to the substantial growth in the Company's drilling contract operations, the oil & natural gas operations are no longer material to the Company's overall operations.