Precision Drilling (NYSE:PDS) Hits New 12-Month High After Analyst Upgrade

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) shares hit a new 52-week high during trading on Tuesday after Royal Bank Of Canada raised their price target on the stock from $124.00 to $140.00. Royal Bank Of Canada currently has an outperform rating on the stock. Precision Drilling traded as high as $103.25 and last traded at $102.6670, with a volume of 17583 shares trading hands. The stock had previously closed at $100.23.

PDS has been the topic of a number of other reports. Loop Capital set a $122.00 target price on Precision Drilling in a research report on Monday, March 2nd. BMO Capital Markets reiterated an “outperform” rating on shares of Precision Drilling in a research note on Thursday, February 12th. Piper Sandler reissued an “overweight” rating and issued a $105.00 target price (up from $81.00) on shares of Precision Drilling in a research report on Tuesday, February 17th. Weiss Ratings lowered shares of Precision Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research note on Thursday, March 12th. Finally, Zacks Research upgraded Precision Drilling from a “strong sell” rating to a “hold” rating in a research note on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $122.33.

Institutional Trading of Precision Drilling

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

Precision Drilling Price Performance

The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.46 and a current ratio of 1.62. The stock has a market capitalization of $1.33 billion, a price-to-earnings ratio of -263.17 and a beta of 1.01. The business’s 50 day simple moving average is $85.64 and its 200-day simple moving average is $70.06.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.26. The company had revenue of $349.37 million during the quarter, compared to analyst estimates of $489.80 million. Precision Drilling had a return on equity of 4.12% and a net margin of 0.05%. Research analysts anticipate that Precision Drilling Corporation will post 7.1 earnings per share 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.