Precision Drilling (NYSE:PDS) Hits New 52-Week High – What’s Next?

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) shares hit a new 52-week high during trading on Wednesday . The company traded as high as $76.76 and last traded at $75.5440, with a volume of 10288 shares changing hands. The stock had previously closed at $73.85.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PDS. TD Securities reiterated a “hold” rating on shares of Precision Drilling in a report on Thursday, October 23rd. Wall Street Zen lowered shares of Precision Drilling from a “buy” rating to a “hold” rating in a report on Sunday, October 26th. Zacks Research lowered shares of Precision Drilling from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 1st. Royal Bank Of Canada lifted their target price on shares of Precision Drilling from $110.00 to $117.00 and gave the stock an “outperform” rating in a research note on Friday, October 24th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $81.00 target price (up previously from $79.00) on shares of Precision Drilling in a research note on Thursday, December 18th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Precision Drilling currently has a consensus rating of “Moderate Buy” and a consensus price target of $99.00.

Precision Drilling Trading Up 2.3%

The firm’s 50-day simple moving average is $67.20 and its 200 day simple moving average is $59.75. The company has a quick ratio of 1.42, a current ratio of 1.58 and a debt-to-equity ratio of 0.41. The firm has a market cap of $977.15 million, a P/E ratio of 28.09 and a beta of 1.00.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings data 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 firm had revenue of $331.90 million during the quarter, compared to analysts’ expectations of $471.38 million. As a group, analysts expect that Precision Drilling Corporation will post 7.1 earnings per share for the current year.

Hedge Funds Weigh In On Precision Drilling

Large investors have recently made changes to their positions in the stock. Quarry LP bought a new position in shares of Precision Drilling in the third quarter worth approximately $54,000. Cubist Systematic Strategies LLC bought a new position in shares of Precision Drilling in the 1st quarter worth $45,000. US Bancorp DE raised its position 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 valued at $67,000 after buying an additional 408 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Precision Drilling during the 2nd quarter valued at $57,000. Finally, Signaturefd LLC lifted its holdings 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 acquiring an additional 767 shares during the last quarter. 48.86% of the stock is owned by institutional investors.

Precision Drilling Company Profile

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.