Precision Drilling Corporation (NYSE:PDS) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) have earned an average recommendation of “Moderate Buy” from the seven ratings firms that are currently covering the company, MarketBeat reports. Three investment analysts have 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 1-year price objective among analysts that have issued ratings on the stock in the last year is $99.00.

A number of research firms recently issued reports on PDS. Royal Bank Of Canada boosted their target price on shares of Precision Drilling from $110.00 to $117.00 and gave the company an “outperform” rating in a report on Friday, October 24th. Piper Sandler reiterated an “overweight” rating and issued a $81.00 price target (up previously from $79.00) on shares of Precision Drilling in a report on Thursday, December 18th. Wall Street Zen cut shares of Precision Drilling from a “buy” rating to a “hold” rating in a research note on Sunday, October 26th. Atb Cap Markets raised Precision Drilling to a “strong-buy” rating in a research report on Thursday, October 30th. Finally, Zacks Research upgraded Precision Drilling from a “strong sell” rating to a “hold” rating in a report on Thursday, November 27th.

Institutional Trading of Precision Drilling

A number of institutional investors have recently modified their holdings of the company. National Bank of Canada FI raised its holdings in Precision Drilling by 0.6% in the third quarter. National Bank of Canada FI now owns 735,460 shares of the oil and gas company’s stock valued at $41,265,000 after buying an additional 4,236 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of Precision Drilling by 24.9% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 483,937 shares of the oil and gas company’s stock valued at $27,262,000 after acquiring an additional 96,339 shares during the period. Aegis Financial Corp raised its stake in shares of Precision Drilling by 110.0% in the 3rd quarter. Aegis Financial Corp now owns 452,359 shares of the oil and gas company’s stock valued at $25,486,000 after acquiring an additional 236,963 shares during the period. Picton Mahoney Asset Management boosted its position in Precision Drilling by 100.0% during the 3rd quarter. Picton Mahoney Asset Management now owns 245,981 shares of the oil and gas company’s stock worth $13,851,000 after purchasing an additional 122,974 shares during the period. Finally, Acadian Asset Management LLC purchased a new stake in Precision Drilling during the 1st quarter worth $6,813,000. Hedge funds and other institutional investors own 48.86% of the company’s stock.

Precision Drilling Stock Performance

Precision Drilling stock opened at $69.39 on Monday. The stock has a fifty day moving average price of $62.33 and a 200 day moving average price of $56.96. Precision Drilling has a 52 week low of $36.20 and a 52 week high of $71.77. The firm has a market capitalization of $900.70 million, a P/E ratio of 25.80 and a beta of 0.97. 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 issued its quarterly 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 business had revenue of $331.90 million during the quarter, compared to analyst estimates of $471.38 million. Precision Drilling had a return on equity of 3.44% and a net margin of 3.17%. Equities research analysts anticipate that Precision Drilling will post 7.1 earnings per share 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.