Precision Drilling Co. (NYSE:PDS) Given Consensus Recommendation of “Buy” by Analysts

Shares of Precision Drilling Co. (NYSE:PDS) (TSE:PD) have been assigned an average recommendation of “Buy” from the five research firms that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $48.00.

A number of analysts have recently issued reports on PDS shares. StockNews.com downgraded shares of Precision Drilling from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Piper Sandler raised their target price on Precision Drilling from $81.00 to $101.00 and gave the stock an “overweight” rating in a research note on Monday.

Precision Drilling Stock Performance

NYSE PDS opened at $72.94 on Friday. Precision Drilling has a fifty-two week low of $41.56 and a fifty-two week high of $77.21. The firm has a market capitalization of $1.06 billion, a P/E ratio of 6.41 and a beta of 2.08. The stock’s fifty day moving average is $67.99 and its two-hundred day moving average is $61.18. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.59 and a current ratio of 1.71.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings data on Thursday, April 25th. The oil and gas company reported $1.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.00 by ($0.12). Precision Drilling had a net margin of 12.00% and a return on equity of 10.10%. The firm had revenue of $391.51 million during the quarter, compared to analysts’ expectations of $399.44 million. On average, research analysts anticipate that Precision Drilling will post 6.49 earnings per share for the current year.

Institutional Investors Weigh In On Precision Drilling

Institutional investors have recently modified their holdings of the company. Ninepoint Partners LP purchased a new position in Precision Drilling in the 4th quarter valued at approximately $74,649,000. Acadian Asset Management LLC boosted its holdings in Precision Drilling by 95.0% in the third quarter. Acadian Asset Management LLC now owns 466,048 shares of the oil and gas company’s stock valued at $31,344,000 after purchasing an additional 227,077 shares during the period. American Century Companies Inc. grew its stake in Precision Drilling by 1,501.2% during the 3rd quarter. American Century Companies Inc. now owns 223,116 shares of the oil and gas company’s stock worth $14,950,000 after purchasing an additional 209,182 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Precision Drilling by 172.3% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 188,400 shares of the oil and gas company’s stock worth $12,623,000 after purchasing an additional 119,200 shares during the period. Finally, NewGen Asset Management Ltd raised its position in Precision Drilling by 27.8% in the 4th quarter. NewGen Asset Management Ltd now owns 123,970 shares of the oil and gas company’s stock valued at $6,730,000 after purchasing an additional 27,000 shares in the last quarter. 48.86% of the stock is owned by institutional investors and hedge funds.

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.