Shares of Patterson-UTI Energy (PTEN) surged 5.13% in the pre-market trading session on Thursday, riding on a broader upswing in energy stocks. The Energy Select Sector SPDR Fund (XLE) was up 0.5% in pre-market trading, reflecting increased investor optimism in the energy sector.
The rally in PTEN stock appears to be driven by a combination of factors impacting the energy industry. Oil prices continued their upward trajectory, with West Texas Intermediate (WTI) crude futures rising 1% to $71.74 per barrel and Brent crude gaining 0.9% to $75.26 per barrel. Rising oil prices typically bode well for energy companies like PTEN, which provides land-based drilling services.
Additionally, positive developments within the energy sector, such as Ecopetrol's acquisition of the remaining 45% stake in the CPO-09 Block, may have contributed to the broader optimism. While PTEN did not report any company-specific news, the favorable conditions in the energy market seem to have lifted the stock.
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