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Patterson-UTI (PTEN +7%) hits a 52-week high, as Q4 earnings easily beat expectations and...

Patterson-UTI (PTEN +7%) hits a 52-week high, as Q4 earnings easily beat expectations and revenues exceeded estimates for the fourth straight quarter. At year-end 2012, PTEN says it had term contracts for drilling rigs worth $1.24B in dayrate revenues, with an average of 97 rigs on term contracts in the coming year; a higher-than-expected 205 rigs were active in Q4.
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