Patterson-UTI Energy Stock Forecast
Patterson-UTI Energy stock price down 2.34% on Thursday
(Updated on Apr 25, 2024)
The Patterson-UTI Energy stock price fell by -2.34% on the last day (Thursday, 25th Apr 2024) from $11.53 to $11.26. During the last trading day the stock fluctuated 3.05% from a day low at $11.15 to a day high of $11.49. The price has fallen in 7 of the last 10 days and is down by -4.74% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -1 million shares and in total, 6 million shares were bought and sold for approximately $62.44 million.
The stock lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $11.06 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 8.58% during the next 3 months and, with a 90% probability hold a price between $12.01 and $13.84 at the end of this 3-month period.
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PTEN Signals & Forecast
There are few to no technical positive signals at the moment. The Patterson-UTI Energy stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $11.40 and $11.76. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, April 05, 2024, and so far it has fallen -10.06%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Patterson-UTI Energy stock
Patterson-UTI Energy finds support from accumulated volume at $10.84 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.340 between high and low, or 3.05%. For the last week, the stock has had daily average volatility of 3.25%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (PTEN) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Patterson-UTI Energy to open at $11.30, and during the day (based on 14 day Average True Range), to move between $10.86 and $11.66, which gives a possible trading interval of +/-$0.400 (+/-3.55%) up or down from last closing price. If Patterson-UTI Energy takes out the full calculated possible swing range there will be an estimated 7.10% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $11.54 (2.49%) than the support at $10.84 (3.73%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Earnings coming up
Patterson-UTI Energy will release earnings BMO on Wednesday, May 01, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.130. We will update the financials statements for Patterson-UTI Energy, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 9.45% in the first trading day after earnings release.
Is Patterson-UTI Energy stock A Buy?
The Patterson-UTI Energy stock holds several negative signals and despite the positive trend, we believe Patterson-UTI Energy will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -2.835 Sell Candidate Unchanged
Predicted Opening Price for Patterson-UTI Energy of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $11.30 ( 0.355%) | $11.26 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PTEN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 11.64 | 3.37 % | |
| R2 | 11.51 | 2.22 % | ||
| R1 | 11.43 | 1.51 % | ||
| Current price: | 11.26 | |||
| Support | S1 | 11.17 | -0.798 % | |
| S2 | 11.09 | -1.51 % | ||
| S3 | 10.96 | -2.66 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 11.84 | 5.15 % | |
| R2 | 11.75 | 4.35 % | ||
| R1 | 11.54 | 2.49 % | ||
| Current price | 11.26 | |||
| Support | S1 | 10.84 | -3.73% | |
| S2 | 10.34 | -8.17% | ||
| S3 | 10.33 | -8.26% |
PTEN Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 14, 2024 | Feb 29, 2024 | Mar 15, 2024 | $0.0800 | 0.693% |
| 2 | Nov 07, 2023 | Nov 30, 2023 | Dec 15, 2023 | $0.0800 | 0.723% |
| 3 | Jul 26, 2023 | Sep 06, 2023 | Sep 21, 2023 | $0.0800 | 0.555% |
| 4 | Apr 26, 2023 | May 31, 2023 | Jun 15, 2023 | $0.0800 | 0.641% |
| 5 | Feb 08, 2023 | Mar 01, 2023 | Mar 16, 2023 | $0.0800 | 0.683% |
FAQ
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