Precision Drilling Corporation (NYSE:PDS) Receives $117.00 Average Price Target from Brokerages

Shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) have been assigned a consensus rating of “Moderate Buy” from the eight brokerages that are presently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $117.00.

Several research analysts have commented on PDS shares. Wall Street Zen lowered Precision Drilling from a “buy” rating to a “hold” rating in a report on Sunday, February 22nd. Weiss Ratings reissued a “hold (c-)” rating on shares of Precision Drilling in a report on Wednesday, January 28th. TD Securities restated a “hold” rating on shares of Precision Drilling in a research report on Thursday, February 12th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Precision Drilling in a research note on Thursday, February 12th. Finally, Zacks Research upgraded shares of Precision Drilling from a “strong sell” rating to a “hold” rating in a research note on Friday, January 30th.

Institutional Investors Weigh In On Precision Drilling

A number of institutional investors and hedge funds have recently made changes to their positions in PDS. State of Wyoming boosted its stake in Precision Drilling by 4.0% during the fourth quarter. State of Wyoming now owns 4,490 shares of the oil and gas company’s stock valued at $323,000 after buying an additional 173 shares during the period. SIR Capital Management L.P. increased its stake in Precision Drilling by 0.4% in the 4th quarter. SIR Capital Management L.P. now owns 56,178 shares of the oil and gas company’s stock worth $4,031,000 after acquiring an additional 200 shares during the last quarter. US Bancorp DE raised its holdings in shares of Precision Drilling by 52.3% in the 3rd quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock valued at $67,000 after acquiring an additional 408 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Precision Drilling by 5.3% in the 4th quarter. Geode Capital Management LLC now owns 8,853 shares of the oil and gas company’s stock valued at $632,000 after acquiring an additional 445 shares in the last quarter. Finally, Creative Planning boosted its position in shares of Precision Drilling by 6.2% during the 3rd quarter. Creative Planning now owns 8,503 shares of the oil and gas company’s stock valued at $479,000 after acquiring an additional 496 shares during the last quarter. Hedge funds and other institutional investors own 48.86% of the company’s stock.

Precision Drilling Trading Up 2.2%

NYSE:PDS opened at $93.50 on Friday. Precision Drilling has a 1 year low of $36.20 and a 1 year high of $93.89. The stock’s fifty day moving average price is $81.82 and its two-hundred day moving average price is $67.83. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.62 and a quick ratio of 1.46. The company has a market cap of $1.21 billion, a P/E ratio of -239.72 and a beta of 1.01.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings results on Wednesday, February 11th. The oil and gas company reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.26. Precision Drilling had a return on equity of 4.12% and a net margin of 0.05%.The company had revenue of $349.37 million during the quarter, compared to analysts’ expectations of $489.80 million. As a group, analysts expect that Precision Drilling will post 7.1 EPS for the current year.

Precision Drilling Company Profile

Precision Drilling Corporation (NYSE: PDS) is a Calgary, Alberta–based oilfield services company that has provided drilling solutions since its founding in 1951. With more than seven decades of industry experience, the company delivers contract drilling services, directional and horizontal drilling, well servicing, and a suite of specialized equipment designed to meet the evolving needs of exploration and production companies worldwide.

The company’s core business activities include operating a fleet of onshore drilling rigs, offering managed pressure drilling, measurement-while-drilling (MWD) and logging-while-drilling (LWD) services, and providing completion and workover rigs.