ETN stock’s latest quarterly balance sheet for the period ending June 2023 reported total assets of $36.77 Billion and total liabilities of $18.79 Billion. The ETN debt-to-assets ratio is at 51.09%.
The ETN latest quarterly earnings report for the period ending June 2023, displayed a revenue of $5.87 Billion, with a net income of $744.00 Million, and a gain in profit margin from the last quarter of 12.68%. This quarter, the ETN reported revenue exceeded analysts’ estimates by $110.238 Million (1.92%).
The ETN stock reported an EPS of $2.21 for the period ending June 2023, beating the analysts’ estimate of $2.112 by 4.66%. The ETN next quarter’s revenue is estimated to be $5.887 Billion and the estimated EPS of $2.334. The report will be released on October 31st, 2023.
The ETN stock’s dividend yield for the TTM is 1.63% and its last dividend payment was $0.86 per share. The ETN’s last ex-dividend date was August 4th, 2023 and its payout ratio is 49.35%.
ETN Stock Price Technical Analysis in 1-D Timeframe
The ETN stock has a CMP of $208.60 and an intraday loss of 4.07%. The ETN stock’s average volume for the last 10 days is 1.967 Million and its current volume is 2.656 Million. The ETN stock has a float of 397.439 Million shares and a market cap of $83.231 Billion.
The ETN stock price rose from the $56 support level in March 2020 fabulously and reached a high of $240 on September 13th, 2023, making higher highs and lows.
However, it faced resistance and fell sharply due to investors taking out some profits after the long rally. However, the stock showed recovery signs as the ETN price took support at $202 around the start of October 2023, but has taken resistance yet again from the downward trendline, it may be presumed that the fall might be temporary as a sign of a healthy correction.
Therefore, if the Eaton stock manages to gain strong buying momentum and surges above the trendline, it can trigger a threat for investors by giving a new high peak in ETN price. The probable resistance levels are between $219 and $225.
Alternatively, if the stock faces resistance again and continues to fall and breaks below $202, then it could fall up to $197.
At the time of publishing, the price of Eaton Corporation (NYSE: ETN) found recent support at $202 and trading near 20 and 50-day EMA. If more buying volume adds up then it might conquer opposing hurdles and aim for new highs. The MACD indicates a bullish cross. The RSI is at 47. The indicators in the ETN stock suggest consolidation to bullish signs on the charts.
Moreover, the stock ratings for ETN stock are positive and highly recommended based on 23 analysts who have evaluated the stock in the last three months. The 1-year price forecasts for ETN stock by 17 analysts range between $185.00 to $270.00.
Summary
Eaton Corporation PLC (NYSE: ETN) chart indicates that the traders and investors of the stock price are bullish and positive on the 1-D time frame. The price action shows a bullish outlook at the time of publishing. The technical analysis tools of the Eaton stock price such as EMA, RSI, and MACD highlight upward signals and support bullishness.
Technical Levels
Support Levels: $202 and $197
Resistance Levels: $219 and $225
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/10/14/etn-stock-is-yearly-high-a-hard-target-for-nyse-etn-price/