RY 162.35 1.8635% SHOP 118.31 4.7733% TD 85.3 1.3305% ENB 62.89 1.0119% BN 69.04 3.9446% TRI 252.41 1.2191% CNQ 40.5 2.2211% CP 100.93 -0.2471% CNR 135.19 -0.9525% BMO 130.06 1.8082% BNS 66.52 1.3098% CSU 4660.0 1.1875% CM 82.37 1.8548% MFC 40.43 2.823% ATD 72.84 1.237% NGT 75.81 -0.7203% TRP 67.685 0.917% SU 48.92 2.3217% WCN 271.25 0.7578% L 216.2 0.3574%
Patterson-UTI Energy Inc
Company Overview: Patterson-UTI Energy, Inc., incorporated on October 14, 1993, is a provider of drilling and completion services to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling services, integrated well completion services and directional drilling services in the United States. The Company operates through three segments: Drilling Services, Completion Services, and Drilling Products.
As per our previous US Earning Hunter report published on ‘PTEN’ on 26th January 2024, Kalkine provided a ‘Attractive’ stance on the stock at USD 44.98 based on “decent fundamentals, associated risk, impressive dividend yield, improved outlook and valuation” and the stock price has now moved by ~12.88% since then and the price has achieved resistance 1 and close to resistance 2 level.
Noted below are the details of support and resistance levels provided in our previous report:
PTEN’s Daily Chart
Considering the resistance around the range of USD 12.00 – USD 13.00, current trading levels, risks associated, and volatile market conditions on the back of higher interest rates, an ‘Unattractive’ rating is assigned to the “PTEN” at the current market price of USD12.07 (as of 11 March 2024, at 06:50 am PDT).
Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is March 11, 2024. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.
Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.
Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’
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