Precision Drilling (NYSE:PDS) Given New $140.00 Price Target at Royal Bank Of Canada

Precision Drilling (NYSE:PDS) (TSE:PD) had its price objective upped by analysts at Royal Bank Of Canada from $124.00 to $140.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the oil and gas company’s stock. Royal Bank Of Canada’s target price indicates a potential upside of 41.93% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the company. Weiss Ratings cut Precision Drilling from a “hold (c)” rating to a “sell (d+)” rating in a report on Thursday, March 12th. Piper Sandler restated an “overweight” rating and set a $105.00 target price (up from $81.00) on shares of Precision Drilling in a research report on Tuesday, February 17th. Wall Street Zen lowered shares of Precision Drilling from a “buy” rating to a “hold” rating in a research note on Sunday. Zacks Research upgraded shares of Precision Drilling from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th. Finally, BMO Capital Markets restated an “outperform” rating on shares of Precision Drilling in a report on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $122.33.

Precision Drilling Price Performance

PDS opened at $98.64 on Monday. 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 stock has a market capitalization of $1.28 billion, a P/E ratio of -251.51 and a beta of 1.01. The company’s 50 day simple moving average is $85.07 and its 200-day simple moving average is $69.77. Precision Drilling has a one year low of $36.20 and a one year high of $101.50.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings data on Wednesday, February 11th. The oil and gas company reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.26. The firm had revenue of $349.37 million for 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%. Sell-side analysts anticipate that Precision Drilling will post 7.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Precision Drilling

Several institutional investors and hedge funds have recently made changes to their positions in the company. Cubist Systematic Strategies LLC bought a new position in Precision Drilling during the 1st quarter worth about $45,000. Goldman Sachs Group Inc. grew its holdings in shares of Precision Drilling by 28.4% during the first quarter. Goldman Sachs Group Inc. now owns 138,896 shares of the oil and gas company’s stock worth $6,475,000 after buying an additional 30,690 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Precision Drilling by 20.3% during the second quarter. Geode Capital Management LLC now owns 65,512 shares of the oil and gas company’s stock worth $3,095,000 after buying an additional 11,056 shares in the last quarter. Creative Planning acquired a new stake in Precision Drilling in the 2nd quarter valued at approximately $378,000. Finally, Arrowstreet Capital Limited Partnership lifted its stake 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 acquiring an additional 284,384 shares in the last quarter. Institutional investors and hedge funds own 48.86% of the company’s stock.

About Precision Drilling

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.