Precision Drilling (NYSE:PDS) Stock Rating Upgraded by Wall Street Zen

Precision Drilling (NYSE:PDS) (TSE:PD) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday.

A number of other brokerages have also recently commented on PDS. Zacks Research cut shares of Precision Drilling from a “strong-buy” rating to a “hold” rating in a report on Monday, September 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Precision Drilling in a report on Wednesday, October 8th. Piper Sandler reaffirmed an “overweight” rating and issued a $74.00 target price (up from $72.00) on shares of Precision Drilling in a report on Thursday, August 14th. Finally, Royal Bank Of Canada lifted their target price on shares of Precision Drilling from $89.00 to $100.00 and gave the company an “outperform” rating in a report on Thursday, July 31st. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Precision Drilling presently has a consensus rating of “Moderate Buy” and a consensus price target of $87.00.

Precision Drilling Stock Down 0.2%

PDS stock opened at $54.15 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.90 and a debt-to-equity ratio of 0.33. Precision Drilling has a twelve month low of $36.20 and a twelve month high of $67.35. The company’s 50 day moving average is $56.51 and its two-hundred day moving average is $50.16. The stock has a market cap of $713.10 million, a P/E ratio of 11.40 and a beta of 1.11.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings data on Tuesday, July 29th. The oil and gas company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.79. Precision Drilling had a net margin of 5.67% and a return on equity of 6.21%. The company had revenue of $299.14 million for the quarter, compared to analysts’ expectations of $435.47 million. Research analysts expect that Precision Drilling will post 7.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Precision Drilling

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. National Bank of Canada FI grew its position in Precision Drilling by 1.4% in the 1st quarter. National Bank of Canada FI now owns 739,842 shares of the oil and gas company’s stock valued at $34,093,000 after buying an additional 10,216 shares during the last quarter. Nuveen LLC purchased a new position in Precision Drilling in the 1st quarter valued at $22,637,000. Arrowstreet Capital Limited Partnership grew its position in Precision Drilling by 275.5% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 387,598 shares of the oil and gas company’s stock valued at $18,338,000 after buying an additional 284,384 shares during the last quarter. Aegis Financial Corp grew its position in Precision Drilling by 10.2% in the 2nd quarter. Aegis Financial Corp now owns 215,396 shares of the oil and gas company’s stock valued at $10,182,000 after buying an additional 19,891 shares during the last quarter. Finally, Acadian Asset Management LLC purchased a new position in Precision Drilling in the 1st quarter valued at $6,813,000. 48.86% of the stock is currently owned by hedge funds and other institutional investors.

About Precision Drilling

Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates through Contract Drilling Services and Completion and Production Services segments.