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 $600,000 were purchased by JCS Partners LP on Dec 18 ’24. At $7.50 per share, JCS Partners LP acquired 80,000 shares.
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Also, Gillard Matthew sold 60,000 shares, netting a total of over 592,200 in proceeds. Following the sale of shares at $9.87 each, the insider now holds 114,692 shares.
Before that, Drummond Robert Wayne Jr had sold 150,000 shares from its account. In a trade valued at $1,732,500, the Director traded Patterson-UTI Energy Inc shares for $11.55 each. Upon closing the transaction, the insider’s holdings decreased to 150,000 shares, worth approximately $14.58 million.
As published in a research note from Goldman on December 13, 2024, Patterson-UTI Energy Inc [PTEN] has been rated up from a Neutral to a Buy and the price target has been revised to $10 from $11. Analysts at The Benchmark Company downgraded the stock from ‘”a Buy”‘ to ‘”a Hold”‘ outlook in a report released in mid January. As of December 19, 2023, Goldman has initiated its “Neutral” rating for PTEN. Earlier on October 17, 2023, Morgan Stanley downgraded its rating. Their new recommendation was “an Equal-weight” for PTEN stock which previously was a “an Overweight”.
Analyzing PTEN Stock Performance
During the last five days, there has been a drop of approximately -7.04%. Over the course of the year, Patterson-UTI Energy Inc shares have dropped approximately -32.78%. Shares of the company reached a 52-week high of $12.65 on 04/08/24 and a 52-week low of $7.18 on 12/17/24. A 50-day SMA is recorded $8.03, while a 200-day SMA reached $9.66. Nevertheless, trading volume fell to 17.01 million shares from 10.25 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 7.10, which, if violated, would cause prices to drop to 6.95. In the upper region, resistance lies at 7.54. The next price resistance is at 7.82. RSI (Relative Strength Index) is 34.73 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.45, which suggests the price will decrease in the coming days. Percent R is at 94.81%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
