PTEN Price Prediction Next Week
Analysis and Insights
News Sentiment and Insider Activity:
- Insider Buying: Patterson-UTI Energy's CEO, William Andrew Hendricks Jr., recently purchased shares at an average cost of $7.88, with the current price at $8.28, reflecting a 4.9% increase. This indicates confidence in the company's future performance.
- Drilling Operations: PTEN reported an average of 107 drilling rigs operating in February, consistent with January's figures. However, the company noted that various factors beyond rig counts can impact financial performance.
- Tariff Impact: Proposed U.S. tariffs on steel and aluminum imports could raise operational costs for PTEN, potentially affecting profitability, especially for smaller producers.
Technical Indicators:
- RSI (14): 55.77, indicating a neutral position, not overbought or oversold.
- MACD: Slightly negative, suggesting a bearish trend.
- SMA: Trading near the 20-day SMA ($7.86) but below the 50-day SMA ($8.34), indicating potential resistance.
Fibonacci Levels:
- Pivot Point: $7.94
- Resistance Levels: $8.40 (R1), $8.69 (R2)
- Support Levels: $7.49 (S1), $7.20 (S2)
Price Prediction and Recommendation:
Given the mixed technical indicators and potential headwinds from tariffs, PTEN is expected to face resistance at $8.40. The stock may pull back to $8.20 in the next trading week.
Prediction: $8.20
Recommendation: Sell at resistance levels ($8.40).
PTEN Similar Chart Price Prediction
The price of PTEN is predicted to go up 5.82%, based on the high correlation periods with VALE. The similarity of these two price pattern on the periods is 96.53%.
PTEN
VALE
Up: 5.82%Similarity: 96.53%
PTEN Revenue Forecast
PTEN EPS Forecast
PTEN FAQs
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PTEN VS S&P500
The merger with NexTier will expand firmwide profitability as the firms leverage their respective expertise to optimize operations, unlocking cross-selling opportunities in basins across the US.
Patterson's relatively high exposure to longer-term drilling contracts (about one to two years) will ensure the firm enjoys elevated contract pricing even after the industry supply/demand imbalance levels out.
Patterson's investment in ESG-friendly rig technology will keep its fleet in line with customers' preferences and may allow Patterson to command a price premium.
PTEN Analyst's Forecast
Stephen Gengaro
Stifel
Strong Buy
2025-01-06
Price Target
$14 → $13
Upside
+50.81%
Stifel analyst Stephen Gengaro lowered the firm's price target on Patterson-UTI to $13 from $14 and keeps a Buy rating on the shares. Heading into 2025, the firm expects "more of the same" in the Oil Services world as well limited macro-catalysts for the stocks, the analyst tells investors.
James Rollyson
Raymond James
Strong Buy
2024-10-25
Price Target
$12 → $11
Upside
+34.64%
Stephen Gengaro
Stifel
Strong Buy
2024-10-11
Price Target
$15 → $14
Upside
+68.88%
