Precision Drilling Corporation (NYSE:PDS) Receives $99.00 Average Price Target from Analysts

Shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) have earned an average rating of “Moderate Buy” from the seven ratings firms that are presently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among analysts that have covered the stock in the last year is $99.00.

Several equities research analysts have commented on the stock. Royal Bank Of Canada boosted their target price on shares of Precision Drilling from $110.00 to $117.00 and gave the stock an “outperform” rating in a research report on Friday, October 24th. Piper Sandler restated an “overweight” rating and set a $81.00 target price (up from $79.00) on shares of Precision Drilling in a research report on Thursday, December 18th. Wall Street Zen cut shares of Precision Drilling from a “buy” rating to a “hold” rating in a report on Sunday, October 26th. TD Securities reiterated a “hold” rating on shares of Precision Drilling in a research report on Thursday, October 23rd. Finally, Zacks Research cut Precision Drilling from a “hold” rating to a “strong sell” rating in a report on Thursday, January 1st.

Institutional Investors Weigh In On Precision Drilling

Several institutional investors and hedge funds have recently made changes to their positions in the business. Cubist Systematic Strategies LLC purchased a new position in Precision Drilling during the 1st quarter valued at about $45,000. Quarry LP acquired a new stake in shares of Precision Drilling in the third quarter valued at approximately $54,000. Raymond James Financial Inc. acquired a new stake in shares of Precision Drilling in the second quarter valued at approximately $57,000. US Bancorp DE increased its stake in shares of Precision Drilling by 52.3% during the 3rd quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock worth $67,000 after purchasing an additional 408 shares in the last quarter. Finally, Signaturefd LLC raised its position in shares of Precision Drilling by 52.4% during the 2nd quarter. Signaturefd LLC now owns 2,230 shares of the oil and gas company’s stock worth $105,000 after purchasing an additional 767 shares during the last quarter. 48.86% of the stock is currently owned by hedge funds and other institutional investors.

Precision Drilling Stock Performance

NYSE PDS opened at $73.94 on Friday. The stock has a market capitalization of $956.10 million, a price-to-earnings ratio of 27.49 and a beta of 1.00. The business’s 50 day moving average is $66.62 and its two-hundred day moving average is $59.42. Precision Drilling has a 12-month low of $36.20 and a 12-month high of $76.59. The company has a current ratio of 1.58, a quick ratio of 1.42 and a debt-to-equity ratio of 0.41.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings results on Wednesday, October 22nd. The oil and gas company reported ($0.37) EPS for the quarter, missing the consensus estimate of $1.20 by ($1.57). Precision Drilling had a net margin of 3.17% and a return on equity of 3.44%. The business had revenue of $331.90 million during the quarter, compared to analyst estimates of $471.38 million. Research analysts expect that Precision Drilling will post 7.1 EPS for the current year.

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.