Patterson-UTI Energy Inc. (NASDAQ: PTEN) shares rose on Thursday Dec 1 with lower trade volume than normal after a number of analysts weighed in on the investing value of the stock and reiterated thier respective ratings.
Meanwhile, U.S. stocks opened with slight gains on Thursday.
The Dow Jones Industrial Average DJIA, +0.31% rose 38.22 points, or 0.2%, to 19,174, while the S&P 500 SPX, +0.01% added 2.1 points to 2,202, a rise of 0.1%.
The Nasdaq Composite Index COMP, -0.32% rose less than 1 point to 5,323, essentially unchanged on the day.
Patterson-UTI Energy Inc. (NASDAQ: PTEN) had its Underweight rating reiterated by equities researchers at Stephens in a research note to investors. The company currently has a rating of Underweight on the stock. A number of other analysts have issued reports on the company recently, and the company has earned a consensus one-year price target of $23.71, a decrease compared to the opening price of $27.48, a difference of 8.67 percent. Patterson-UTI Energy Inc. stock has a 52-week high of $27.72. Share prices often shift to the upside on recommendations and new price targets of professional brokerage firms.
Patterson-UTI Energy Inc. (NASDAQ: PTEN) shares last traded at $27.35, which represents a spike of $0.68 or 2.55% over the previous closing price. Opening at $27.48, they fluctuated from $26.97 and $27.72 throughout the day.
Patterson-UTI Energy Inc. (NASDAQ: PTEN) currently has a market cap of 4.01B.
Patterson-UTI Energy Inc. (NASDAQ: PTEN) Average Daily Trading Volume
The stock’s average daily volume is 3,283,560 shares out of a total float 126,924,000 and some 636,693 shares traded hands yesterday, lower than the average. Swing traders often use swings in trading volume to determine substantial volume accumulation or dissemination by institutional investors, so look for trading volume to pick up in the coming days.
However, a single day of significant buy side trading is not enough to determine a trend. So market traders will continue to look for institutional sponsorship as a cue that financial institutions are moving forward.
Institutional sponsorship just refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these have teams of analysts researching thousands of stocks. So watching their interests is a good way to ensure you are buying the right stocks.
Patterson-UTI Energy Inc. (NASDAQ: PTEN) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By identifying trends, moving averages allow investors to make those trends work in their favor and increase the number of winning trades.
Trades for Patterson-UTI Energy Inc. (NASDAQ: PTEN) have ranged from $10.94 – 27.72, and the stock now has a 50-day MA of $23.36 and 200-day MA of $20.87. Today’s last price is 1.33%% lower than the 52 week high of $27.72.
Indeed, earnings growth is among the most crucial things to look at in regards to stock investing and, accordingly, investors watch for companies that have grown their earnings at least 25% or more for 3 consecutive years.
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