Patterson-UTI Energy Inc (PTEN)
Patterson-UTI Energy, Inc., provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. The company is headquartered in Houston, Texas.
Stock Price Trends
Stock price trends estimated using linear regression.
Key facts
- The primary trend is decreasing.
- The decline rate of the primary trend is 15.85% per annum.
- PTEN price at the close of July 26, 2024 was $10.43 and was inside the primary price channel.
- The secondary trend is decreasing.
- The decline rate of the secondary trend is 29.39% per annum.
- PTEN price at the close of July 26, 2024 was inside the secondary price channel.
Linear Regression Model
Model equation:
Yi = α + β × Xi + εi
Top border of price channel:
Exp(Yi) = Exp(a + b × Xi + 2 × s)
Bottom border of price channel:
Exp(Yi) = Exp(a + b × Xi – 2 × s)
where:
i - observation number
Yi - natural logarithm of PTEN price
Xi - time index, 1 day interval
σ - standard deviation of εi
a - estimator of α
b - estimator of β
s - estimator of σ
Exp() - calculates the exponent of e
Primary Trend
Start date: February 28, 2022
End date: July 26, 2024
a = 3.2140
b = -0.0005
s = 0.1216
Annual growth rate:
Exp(365 × b) – 1
= Exp(365 × -0.0005) – 1
= -15.85%
Price channel spread:
Exp(4 × s) – 1
= Exp(4 × 0.1216) – 1
= 62.67%
February 28, 2022 calculations
Top border of price channel:
Exp(Y652)
= Exp(a + b × X652 + 2 × s)
= Exp(a + b × 945 + 2 × s)
= Exp(3.2140 + -0.0005 × 945 + 2 × 0.1216)
= Exp(3.0106)
= $20.30
Bottom border of price channel:
Exp(Y652)
= Exp(a + b × X652 – 2 × s)
= Exp(a + b × 945 – 2 × s)
= Exp(3.2140 + -0.0005 × 945 – 2 × 0.1216)
= Exp(2.5241)
= $12.48
July 26, 2024 calculations
Top border of price channel:
Exp(Y1,257)
= Exp(a + b × X1,257 + 2 × s)
= Exp(a + b × 1,824 + 2 × s)
= Exp(3.2140 + -0.0005 × 1,824 + 2 × 0.1216)
= Exp(2.5952)
= $13.40
Bottom border of price channel:
Exp(Y1,257)
= Exp(a + b × X1,257 – 2 × s)
= Exp(a + b × 1,824 – 2 × s)
= Exp(3.2140 + -0.0005 × 1,824 – 2 × 0.1216)
= Exp(2.1086)
= $8.24
Description
- The primary trend is decreasing.
- The decline rate of the primary trend is 15.85% per annum.
- PTEN price at the close of July 26, 2024 was $10.43 and was inside the primary price channel.
Secondary Trend
Start date: July 12, 2023
End date: July 26, 2024
a = 4.0242
b = -0.0010
s = 0.0749
Annual growth rate:
Exp(365 × b) – 1
= Exp(365 × -0.0010) – 1
= -29.39%
Price channel spread:
Exp(4 × s) – 1
= Exp(4 × 0.0749) – 1
= 34.94%
July 12, 2023 calculations
Top border of price channel:
Exp(Y995)
= Exp(a + b × X995 + 2 × s)
= Exp(a + b × 1,444 + 2 × s)
= Exp(4.0242 + -0.0010 × 1,444 + 2 × 0.0749)
= Exp(2.7972)
= $16.40
Bottom border of price channel:
Exp(Y995)
= Exp(a + b × X995 – 2 × s)
= Exp(a + b × 1,444 – 2 × s)
= Exp(4.0242 + -0.0010 × 1,444 – 2 × 0.0749)
= Exp(2.4975)
= $12.15
July 26, 2024 calculations
Top border of price channel:
Exp(Y1,257)
= Exp(a + b × X1,257 + 2 × s)
= Exp(a + b × 1,824 + 2 × s)
= Exp(4.0242 + -0.0010 × 1,824 + 2 × 0.0749)
= Exp(2.4348)
= $11.41
Bottom border of price channel:
Exp(Y1,257)
= Exp(a + b × X1,257 – 2 × s)
= Exp(a + b × 1,824 – 2 × s)
= Exp(4.0242 + -0.0010 × 1,824 – 2 × 0.0749)
= Exp(2.1352)
= $8.46
Description
- The secondary trend is decreasing.
- The decline rate of the secondary trend is 29.39% per annum.
- PTEN price at the close of July 26, 2024 was inside the secondary price channel.