Precision Drilling Corporation (NYSE:PDS) Stock Has Consensus Target Price of $129.60 According to Brokerages

Shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) have earned an average recommendation of “Moderate Buy” from the nine research firms that are currently covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $129.60.

PDS has been the topic of a number of research analyst reports. Freedom Broker downgraded shares of Precision Drilling from a “buy” rating to a “hold” rating and boosted their price target for the stock from $116.00 to $121.00 in a report on Friday, October 30th. Zacks Research raised shares of Precision Drilling from a “strong sell” rating to a “hold” rating in a research report on Monday, September 28th. National Bank Financial upgraded Precision Drilling from a “sector perform” rating to an “outperform” rating in a research note on Monday, October 26th. TD Securities raised Precision Drilling from a “hold” rating to a “buy” rating and upped their price target for the company from $116.00 to $150.00 in a research report on Tuesday, October 20th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Precision Drilling in a research note on Wednesday, October 28th.

Precision Drilling Stock Up 0.4%

Shares of NYSE:PDS traded up $0.34 during mid-day trading on Thursday, hitting $95.83. 57,680 shares of the company traded hands, compared to its average volume of 136,721. The stock has a 50-day moving average price of $89.40 and a two-hundred day moving average price of $88.66. Precision Drilling has a 12-month low of $56.10 and a 12-month high of $112.03. The stock has a market cap of $1.21 billion, a P/E ratio of -177.47 and a beta of 0.89. The company has a current ratio of 1.48, a quick ratio of 1.32 and a debt-to-equity ratio of 0.39.

Hedge Funds Weigh In On Precision Drilling

Hedge funds and other institutional investors have recently modified their holdings of the company. Marshall Wace LLP bought a new stake in Precision Drilling during the third quarter worth about $419,000. Hartree Partners LP lifted its position in Precision Drilling by 7.7% in the 3rd quarter. Hartree Partners LP now owns 140,000 shares of the oil and gas company’s stock valued at $11,301,000 after acquiring an additional 10,000 shares in the last quarter. Cibc World Market Inc. lifted its position in Precision Drilling by 26.6% in the 3rd quarter. Cibc World Market Inc. now owns 22,537 shares of the oil and gas company’s stock valued at $1,815,000 after acquiring an additional 4,739 shares in the last quarter. Allworth Financial LP boosted its position in shares of Precision Drilling by 121.9% during the third quarter. Allworth Financial LP now owns 395 shares of the oil and gas company’s stock valued at $30,000 after buying an additional 217 shares during the last quarter. Finally, State of Wyoming purchased a new stake in shares of Precision Drilling during the 3rd quarter valued at about $32,000. 48.86% of the stock is currently owned by hedge funds and other institutional investors.

About Precision Drilling

Precision Drilling Corporation is a Canadian oilfield services company that provides contract drilling and well servicing to the oil and natural gas industry. Its drilling operations include land rigs and related services used to drill wells, while its completion and production services support well maintenance and ongoing operations. The company also provides equipment rentals and other services for oilfield operations. Precision Drilling serves customers in Canada and the United States, as well as selected international markets.