It might often be a good idea to look into stock which might have recorded gains over a reasonable period of time and hence, it could be a good move to look into the Patterson-UTI Energy Inc. (NASDAQ:PTEN) stock.
There has been no news about the company over the course of the past week, but the PATTERSON-UTI stock has managed to clock gains of as much as 9%. In this context, it might be a good idea to keep in mind that earlier on in the month on September 9, 2021 the company had provided an update with regards to its drilling activities for the two month that ended on August 31, 2021.
PATTERSON-UTI reported that in the month of August this year, there were 79 drilling rigs that were operating on average. In addition to that, the number remained the same for the two months that ended in August.
The number represents the average number of drilling rigs that were not only operations but also earning revenues for the company through contracts. The market seems to have judged the number to be strong and that may have led to the rally in the PATTERSON-UTI stock over the past week.
Oil and gas investors may also want to look at Allied Energy Corp. (OTCMKTS:AGYP) as it begins pumping oil from wells in Texas. While energy price and demand reach record highs, AGYP is an independent that has literally struck oil and has started pumping barrels when domestic buyers need it most.
