Patterson-UTI Energy Stock Forecast
Patterson-UTI Energy stock downgraded from Strong Buy Candidate to Buy Candidate after Monday trading session.
(Updated on Mar 18, 2024)
The Patterson-UTI Energy stock price gained 0.95% on the last trading day (Monday, 18th Mar 2024), rising from $11.54 to $11.65. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 2.80% from a day low at $11.43 to a day high of $11.75. The price has been going up and down for this period, and there has been a 0.17% gain for the last 2 weeks. Volume fell on the last day by -4 million shares and in total, 4 million shares were bought and sold for approximately $42.90 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 11.94% during the next 3 months and, with a 90% probability hold a price between $12.07 and $13.72 at the end of this 3-month period.
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PTEN Signals & Forecast
A sell signal was issued from a pivot top point on Thursday, March 07, 2024, and so far it has fallen -3.72%. 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). Some positive signals were issued as well, and these may have some influence on the near short-term development. 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 $11.68. On a fall, the stock will find some support from the long-term average at approximately $11.31. 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. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
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.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.320 between high and low, or 2.80%. For the last week the stock has had daily average volatility of 4.32%.
Our recommended stop-loss: $11.13 (-4.47%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 7 days ago.)
Trading Expectations (PTEN) For The Upcoming Trading Day Of Tuesday 19th
For the upcoming trading day on Tuesday, 19th we expect Patterson-UTI Energy to open at $11.61, and during the day (based on 14 day Average True Range), to move between $11.22 and $12.08, which gives a possible trading interval of +/-$0.431 (+/-3.70%) up or down from last closing price. If Patterson-UTI Energy takes out the full calculated possible swing range there will be an estimated 7.41% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $11.67 (0.17%) than the support at $11.54 (0.94%), 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.
Is Patterson-UTI Energy stock A Buy?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 2.011 Buy Candidate Downgraded
Predicted Opening Price for Patterson-UTI Energy of Tuesday, March 19, 2024
Fair opening price March 19, 2024 | Current price |
---|---|
$11.61 ( 0.343%) | $11.65 |
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 | 11.93 | 2.40 % | |
R2 | 11.81 | 1.35 % | ||
R1 | 11.73 | 0.706 % | ||
Current price: | 11.65 | |||
Support | S1 | 11.49 | -1.39 % | |
S2 | 11.41 | -2.04 % | ||
S3 | 11.29 | -3.09 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 12.06 | 3.52 % | |
R2 | 11.75 | 0.86 % | ||
R1 | 11.67 | 0.172 % | ||
Current price | 11.65 | |||
Support | S1 | 11.54 | -0.94% | |
S2 | 11.32 | -2.83% | ||
S3 | 10.34 | -11.24% |
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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