Barchart.com's Chart of the Day - Patterson-Uti Energy - Oct 15, 2016The Chart of the Day belongs to Patterson-Uti Energy. I found the well drilling stock by using Barchart to sort the Russell 3000 Index stocks first for the most frequent number of new highs in the last month, then again for techical buy signals of 80% or more. Since the Trend Spotter signaled a buy in 9/29 the stock gained 10.66%.
Patterson is one of the leading providers of domestic land drilling services to major & independent oil & natural gas companies. The Company focuses its operations in Texas & southeast New Mexico. The Company currently has a drilling fleet of 114 drilling rigs, 108 of which are currently operable. The Company is also engaged in the development, exploration, acquisition & production of oil and natural gas; however, due to the substantial growth in the Company's drilling contract operations, the oil & natural gas operations are no longer material to the Company's overall operations.
The status of Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.
Barchart technical indicators:
- 96% technical buy signals
- Trend Spotter buy signal
- Above its 20 50 and 100 day moving averages
- 15 new highs and up 30.98% in the last month
- Relative Strength Index 68.55%
- Technical support level at 24.42
- Recently traded at 24.09 with a 50 day moving average of 20.62
- Market Cap $3.55 billion
- Dividend yield .33%
- Revenue expected to grow 37.90% next year
- Earnings estimated to increase 20.50% next year
- Wall Street analysts issued 12 strong buy, 1 buy, 6 hold, 1 sell and 3 strong sell recommendation on the stock
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