Precision Drilling (TSE:PD) Shares Pass Above 50 Day Moving Average – Here’s Why

Precision Drilling Co. (TSE:PD) (NYSE:PDS)’s share price crossed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of C$117.04 and traded as high as C$127.66. Precision Drilling shares last traded at C$124.27, with a volume of 43,823 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms have commented on PD. Canadian Imperial Bank of Commerce lowered their price objective on shares of Precision Drilling from C$160.00 to C$155.00 in a research report on Thursday, July 30th. TD reduced their target price on shares of Precision Drilling from C$124.00 to C$116.00 and set a “hold” rating on the stock in a report on Thursday, July 30th. Finally, ATB Cormark Capital Markets decreased their target price on shares of Precision Drilling from C$165.00 to C$160.00 and set an “outperform” rating on the stock in a research report on Thursday, July 30th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Precision Drilling currently has a consensus rating of “Moderate Buy” and a consensus price target of C$148.00.

Precision Drilling Trading Down 0.4%

The company’s 50 day simple moving average is C$117.04 and its 200-day simple moving average is C$123.16. The firm has a market cap of C$1.60 billion, a P/E ratio of -52.66, a P/E/G ratio of -3.24 and a beta of 0.45. The company has a quick ratio of 1.36, a current ratio of 1.46 and a debt-to-equity ratio of 43.54.

Precision Drilling (TSE:PD) (NYSE:PDS) last released its earnings results on Wednesday, July 29th. The company reported C($0.52) EPS for the quarter. Precision Drilling had a negative net margin of 1.71% and a negative return on equity of 2.03%. The business had revenue of C$452.80 million for the quarter.

About Precision Drilling

Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha¿ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen¿ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations.