Precision Drilling (NYSE:PDS) Now Covered by Piper Sandler

Investment analysts at Piper Sandler began coverage on shares of Precision Drilling (NYSE:PDS) (TSE:PD) in a research report issued to clients and investors on Tuesday,Briefing.com Automated Import reports. The brokerage set an “overweight” rating and a $72.00 price target on the oil and gas company’s stock. Piper Sandler’s price objective indicates a potential upside of 44.93% from the company’s current price.

Several other research analysts have also recently weighed in on the stock. Wall Street Zen cut shares of Precision Drilling from a “buy” rating to a “hold” rating in a report on Monday, March 24th. Raymond James Financial lowered shares of Precision Drilling from a “strong-buy” rating to an “outperform” rating in a research report on Wednesday, April 9th.

Precision Drilling Stock Performance

PDS stock traded down $0.10 during midday trading on Tuesday, hitting $49.68. The stock had a trading volume of 3,390 shares, compared to its average volume of 94,169. The stock has a 50-day simple moving average of $46.47 and a 200 day simple moving average of $49.78. The company has a current ratio of 0.91, a quick ratio of 0.82 and a debt-to-equity ratio of 0.33. Precision Drilling has a 52 week low of $36.20 and a 52 week high of $79.07. The firm has a market capitalization of $663.23 million, a price-to-earnings ratio of 9.89 and a beta of 1.06.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its earnings results on Wednesday, April 23rd. The oil and gas company reported $1.53 earnings per share for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.04). Precision Drilling had a net margin of 5.84% and a return on equity of 6.51%. The business had revenue of $345.41 million during the quarter, compared to analyst estimates of $508.06 million. As a group, equities research analysts anticipate that Precision Drilling will post 7.1 earnings per share for the current year.

Hedge Funds Weigh In On Precision Drilling

A number of hedge funds and other institutional investors have recently made changes to their positions in PDS. National Bank of Canada FI raised its position in shares of Precision Drilling by 1.4% in the 1st quarter. National Bank of Canada FI now owns 739,842 shares of the oil and gas company’s stock worth $34,093,000 after purchasing an additional 10,216 shares during the last quarter. Bank of Montreal Can raised its position in Precision Drilling by 28.0% in the 4th quarter. Bank of Montreal Can now owns 602,954 shares of the oil and gas company’s stock worth $36,832,000 after buying an additional 131,843 shares during the last quarter. Nuveen LLC purchased a new position in Precision Drilling in the 1st quarter worth about $22,637,000. Bank of America Corp DE raised its position in Precision Drilling by 33.3% in the 4th quarter. Bank of America Corp DE now owns 396,072 shares of the oil and gas company’s stock worth $24,188,000 after buying an additional 98,836 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Precision Drilling by 12.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 265,254 shares of the oil and gas company’s stock worth $16,198,000 after buying an additional 29,612 shares during the last quarter. Institutional investors own 48.86% of the company’s stock.

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.