Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Patterson-UTI Energy Inc shares valued at $1,732,500 were sold by Drummond Robert Wayne Jr on May 20 ’24. At $11.55 per share, Drummond Robert Wayne Jr sold 150,000 shares. The insider’s holdings dropped to 2,007,895 shares worth approximately $21.56 million following the completion of this transaction.
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Also, Drummond Robert Wayne Jr sold 65,344 shares, netting a total of over 768,445 in proceeds. Following the sale of shares at $11.76 each, the insider now holds 2,407,895 shares.
Before that, Drummond Robert Wayne Jr had sold 187,916 shares from its account. In a trade valued at $2,204,255, the Director traded Patterson-UTI Energy Inc shares for $11.73 each. Upon closing the transaction, the insider’s holdings decreased to 187,916 shares, worth approximately $26.56 million.
As published in a research note from The Benchmark Company on January 16, 2024, Patterson-UTI Energy Inc [PTEN] has been rated down from a Buy to a Hold. Analysts at Goldman started covering the stock with ‘”a Neutral”‘ outlook in a report released in mid December. As of October 17, 2023, Morgan Stanley has decreased its “an Overweight” rating to a “an Equal-weight” for PTEN. Earlier on October 16, 2023, BofA Securities upgraded its rating. Their new recommendation was “a Buy” for PTEN stock which previously was a “a Neutral”.
Analyzing PTEN Stock Performance
During the last five days, there has been a drop of approximately -2.89%. Over the course of the year, Patterson-UTI Energy Inc shares have dropped approximately -0.56%. Shares of the company reached a 52-week high of $12.65 on 04/08/24 and a 52-week low of $9.73 on 01/17/24. A 50-day SMA is recorded $11.45, while a 200-day SMA reached $12.16. Nevertheless, trading volume fell to 5.21 million shares from 4.34 million shares the previous day.
Support And Resistance Levels for Patterson-UTI Energy Inc (PTEN)
According to the 24-hour chart, there is a support level at 10.58, which, if violated, would cause prices to drop to 10.43. In the upper region, resistance lies at 11.02. The next price resistance is at 11.31. RSI (Relative Strength Index) is 41.57 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.00, which suggests the price will decrease in the coming days. Percent R is at 96.95%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
