RSI low/high Values: [ 25 - 75 ]
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Patterson-UTI Energy stock downgraded from Hold/Accumulate to Sell Candidate after Tuesday trading session.
(Updated on Feb 27, 2024)


Sell candidate since Feb 27, 2024 PDF
The Patterson-UTI Energy stock price gained 0.780% on the last trading day (Tuesday, 27th Feb 2024), rising from $11.54 to $11.63. During the last trading day the stock fluctuated 2.79% from a day low at $11.47 to a day high of $11.79. The price has been going up and down for this period, and there has been a 11.19% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 3 million more shares were traded than the day before. In total, 7 million shares were bought and sold for approximately $80.55 million.

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The stockis at the upper part of a wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $12.04 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Patterson-UTI Energy stock with a 90% probability to be traded between $9.65 and $11.86 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.

PTEN Signals & Forecast

The Patterson-UTI Energy stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $11.70. On a fall, the stock will find some support from the long-term average at approximately $10.75. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, February 16, 2024, and so far it has fallen -3.57%. Further fall is indicated until a new bottom pivot has been found.

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Support, Risk & Stop-loss for Patterson-UTI Energy stock

Patterson-UTI Energy finds support from accumulated volume at $11.54 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 $0.320 between high and low, or 2.79%. For the last week, the stock has had daily average volatility of 3.49%.

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 Wednesday 28th

For the upcoming trading day on Wednesday, 28th we expect Patterson-UTI Energy to open at $11.63, and during the day (based on 14 day Average True Range), to move between $11.18 and $12.08, which gives a possible trading interval of +/-$0.453 (+/-3.89%) up or down from last closing price. If Patterson-UTI Energy takes out the full calculated possible swing range there will be an estimated 7.78% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $11.54 (0.77%) than the resistance at $11.75 (1.03%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Patterson-UTI Energy stock A Buy?

Patterson-UTI Energy holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -1.215 Open Broker Account

Sell Candidate Downgraded

Predicted Opening Price for Patterson-UTI Energy of Wednesday, February 28, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.

Fair opening price February 28, 2024 Current price
$11.63 ( 0%) $11.63

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Fibonacci Support & Resistance Levels

Level Price
Resistance R3 11.95 2.75 %
R2 11.83 1.70 %
R1 11.75 1.05 %
Current price: 11.63
Support S1 11.51 -1.05 %
S2 11.43 -1.70 %
S3 11.31 -2.75 %

Accumulated Volume Support & Resistance Levels

Level Price
Resistance R3 12.06 3.70 %
R2 11.82 1.63 %
R1 11.75 1.03 %
Current price 11.63
Support S1 11.54 -0.774%
S2 10.84 -6.79%
S3 10.34 -11.09%
What is the symbol for Patterson-UTI Energy Stock and on which exchange is it traded?
The symbol for Patterson-UTI Energy is PTEN and it is traded on the NASDAQ (NASDAQ Stock Exchange).

Should I buy or sell Patterson-UTI Energy Stock?
Patterson-UTI Energy holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

How to buy Patterson-UTI Energy Stock?
Patterson-UTI Energy Stock can be purchased through just about any brokerage firm, including online brokerage services.
Click here for our free guide on how to buy Patterson-UTI Energy Stock.

What's the current price of Patterson-UTI Energy Stock?
As of the end of day on the 2024-02-27, the price of an Patterson-UTI Energy (PTEN) share was $11.63.

What is the 52-week high and low for Patterson-UTI Energy Stock?
The 52-week high for Patterson-UTI Energy Stock is $16.18 and the 52-week low is $9.70.

What is the market capitalization of Patterson-UTI Energy Stock?
As of the 2024-02-27, the market capitalization of Patterson-UTI Energy is 4.815B.

When is the next earnings date for Patterson-UTI Energy?
The upcoming earnings date for Patterson-UTI Energy is Apr 24, 2024.

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About Patterson-UTI Energy

Patterson-UTI Energy Patterson-UTI Energy, Inc., through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas, Appalachia, Rockies, Oklahoma, South Texas, East... PTEN Profile

PTEN Dividend Data

2.60%

Dividend Yield (TTM)
Payout Ratio (TTM) 0
Next Ex-Dividend Date Feb 29, 2024
Next Payment Date Mar 15, 2024
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