The stock of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) is now priced at $3.97 and the shares are 0.12 points up or 3.12% higher compared to its previous closing price of $3.85. PTEN shares have a float of 182 million and although its performance was 6.72% over the week, it’s one to watch. Analysts have given the PTEN stock a yearly average price target of $3.1 per share. It means the stock’s downside potential is -21.91% with the PTEN share price recently placing at $3.83 to $4.03. However, some brokerage firms have priced the stock below the average, including one that has called $2.
The shorts are running away from the Patterson-UTI Energy, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the PTEN shares have declined. Short interest in the stock represents just 18.75% of its float, but the volume has dropped by -1695072. The volume of shorted shares dropped to 34.091 million from 35.786 million shares over the last two weeks. The average intraday trading volume has been 3.812 million shares, which means that days to cover moved to roughly 8.943754.
In the last trading session, Patterson-UTI Energy, Inc. (NASDAQ:PTEN) raised by $0.25 over the week and gained $0.1 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $11.19. The stock recorded its established 52-week high on 09/16/19.
Since 04/03/20, the stock has traded to a low of $1.61 at 146.58%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.76. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Patterson-UTI Energy, Inc.’s two-week RSI is 49.99. This suggests that the stock is neutral at the moment and that PTEN shares’ price movement remains stable. The stochastic readings are equally revealing at 20.87% meaning the PTEN share price is currently in overbought territory.
The technical chart shows that the PTEN stock will likely settle at between $4.06 and $4.14 per share. However, if the stock dips below $3.86, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $3.74.
Currently, the stock is trading in the red of MACD, with a reading of -0.05. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Scotiabank cut their recommendation for PTEN from Sector Perform to Sector Underperform in July 16 review. Gabelli & Co analysts downgraded their recommendation of the stock from Buy to Hold in a flash note released to investors on April 27. Cowen seeing the stock struggling downgraded it from Outperform to Market Perform on April 14 placing it at $3.
The average rating for the PTEN equity is 3.13 and is currently gathering a bearish momentum. Of 24 analysts tracking Patterson-UTI Energy, Inc. polled by Reuters, 13 rated PTEN as a hold. The remaining 11 analysts were split evenly. However, the split wasn’t equal as a majority (4) rated it as a buy or strong buy. 7 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Patterson-UTI Energy, Inc. (NASDAQ:PTEN) will decrease by about -99.92%, which will see them reach $193 million. The company’s full-year revenues are, however, expected to diminish by about -56.68%, down from $2470 million to $1070 million. PTEN’s expected adjusted earnings should surge almost 133.33% to end up at -$0.63 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 122.77% to record -$2.25/share.