Precision Drilling (NYSE:PDS) Hits New 12-Month High – Here’s What Happened

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) hit a new 52-week high during trading on Thursday . The stock traded as high as $67.35 and last traded at $67.4090, with a volume of 32677 shares. The stock had previously closed at $66.69.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Zacks Research raised shares of Precision Drilling from a “strong sell” rating to a “hold” rating in a report on Thursday, November 27th. Piper Sandler raised their price target on shares of Precision Drilling from $74.00 to $79.00 and gave the company an “overweight” rating in a research note on Tuesday, October 28th. TD Securities reiterated a “hold” rating on shares of Precision Drilling in a research note on Thursday, October 23rd. Weiss Ratings reissued a “hold (c-)” rating on shares of Precision Drilling in a report on Friday, October 31st. Finally, Wall Street Zen lowered Precision Drilling from a “buy” rating to a “hold” rating in a research note on Sunday, October 26th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Precision Drilling has a consensus rating of “Moderate Buy” and an average price target of $98.00.

Precision Drilling Price Performance

The company has a market capitalization of $893.93 million, a PE ratio of 25.35 and a beta of 0.97. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.58 and a quick ratio of 1.42. The stock’s 50 day simple moving average is $58.40 and its 200-day simple moving average is $54.27.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its earnings results on Wednesday, October 22nd. The oil and gas company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.20 by ($1.57). The company had revenue of $331.90 million during the quarter, compared to analysts’ expectations of $471.38 million. Precision Drilling had a net margin of 3.17% and a return on equity of 3.44%. As a group, equities analysts forecast that Precision Drilling Corporation will post 7.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Precision Drilling

Institutional investors and hedge funds have recently modified their holdings of the company. PharVision Advisers LLC acquired a new stake in shares of Precision Drilling in the third quarter valued at approximately $325,000. Verition Fund Management LLC purchased a new stake in Precision Drilling in the 3rd quarter valued at approximately $1,719,000. SIR Capital Management L.P. lifted its stake in Precision Drilling by 367.3% in the 3rd quarter. SIR Capital Management L.P. now owns 55,978 shares of the oil and gas company’s stock valued at $3,153,000 after buying an additional 44,000 shares in the last quarter. Quarry LP acquired a new stake in Precision Drilling during the 3rd quarter valued at $54,000. Finally, National Bank of Canada FI increased its position in Precision Drilling by 0.6% during the third quarter. National Bank of Canada FI now owns 735,460 shares of the oil and gas company’s stock worth $41,265,000 after buying an additional 4,236 shares in the last quarter. Institutional investors and hedge funds own 48.86% of the company’s stock.

Precision Drilling Company Profile

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.