From a technical perspective, Patterson-UTI (PTEN - Free Report) is looking like an interesting pick, as it just reached a key level of support. PTEN recently overtook the 50-day moving average, and this suggests a short-term bullish trend.
One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.
Over the past four weeks, PTEN has gained 14.4%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.
Looking at PTEN's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 3 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors should think about putting PTEN on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
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From a technical perspective, Patterson-UTI (PTEN - Free Report) is looking like an interesting pick, as it just reached a key level of support. PTEN recently overtook the 50-day moving average, and this suggests a short-term bullish trend.
One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.
Over the past four weeks, PTEN has gained 14.4%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.
Looking at PTEN's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 3 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors should think about putting PTEN on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
Free Report: Must-See Energy Stocks for 2023
Record profits at oil companies can mean big gains for you. With soaring demand and elevated prices, oil stocks could be top performers by far in 2023. Zacks has released a special report revealing the 4 oil stocks experts believe will deliver the biggest gains. (You’ll never guess Stock #2!)
Download Oil Market on Fire today, absolutely free.
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