Precision Drilling (NYSE:PDS) Price Target Raised to $115.00

Precision Drilling (NYSE:PDS) (TSE:PD) had its price objective boosted by Piper Sandler from $105.00 to $115.00 in a report released on Tuesday,Benzinga reports. The firm currently has an overweight rating on the oil and gas company’s stock.

Other equities research analysts also recently issued reports about the company. TD Securities upgraded Precision Drilling from a “hold” rating to a “buy” rating and increased their price target for the stock from $116.00 to $150.00 in a report on Tuesday, October 20th. BMO Capital Markets reiterated an “outperform” rating on shares of Precision Drilling in a report on Wednesday, October 28th. Freedom Broker lowered Precision Drilling from a “buy” rating to a “hold” rating and boosted their price objective for the company from $116.00 to $121.00 in a research report on Friday, October 30th. Weiss Ratings reissued a “sell (d+)” rating on shares of Precision Drilling in a research note on Friday, September 18th. Finally, National Bank Financial raised Precision Drilling from a “sector perform” rating to an “outperform” rating in a research note on Monday, October 26th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $129.60.

Precision Drilling Stock Performance

PDS stock opened at $90.30 on Tuesday. The business’s 50-day moving average price is $89.16 and its two-hundred day moving average price is $88.15. The company has a current ratio of 1.48, a quick ratio of 1.32 and a debt-to-equity ratio of 0.39. The firm has a market cap of $1.14 billion, a PE ratio of -167.22 and a beta of 0.89. Precision Drilling has a 1-year low of $56.10 and a 1-year high of $112.03.

Hedge Funds Weigh In On Precision Drilling

A number of large investors have recently added to or reduced their stakes in PDS. Hillsdale Investment Management Inc. raised its position in Precision Drilling by 67.0% in the 1st quarter. Hillsdale Investment Management Inc. now owns 487,434 shares of the oil and gas company’s stock valued at $47,957,000 after buying an additional 195,598 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Precision Drilling by 24.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 373,936 shares of the oil and gas company’s stock valued at $36,803,000 after acquiring an additional 73,084 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Precision Drilling by 37.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 288,013 shares of the oil and gas company’s stock valued at $28,340,000 after acquiring an additional 77,775 shares in the last quarter. Bank of America Corp DE lifted its stake in Precision Drilling by 129.5% in the 1st quarter. Bank of America Corp DE now owns 114,706 shares of the oil and gas company’s stock valued at $11,287,000 after acquiring an additional 64,735 shares in the last quarter. Finally, Lazard Asset Management LLC boosted its position in Precision Drilling by 540.1% during the 1st quarter. Lazard Asset Management LLC now owns 25,392 shares of the oil and gas company’s stock worth $2,499,000 after acquiring an additional 21,425 shares during the last quarter. Institutional investors own 48.86% of the company’s stock.

About Precision Drilling

Precision Drilling Corporation is an oilfield services company headquartered in Calgary, Alberta. The company provides contract drilling and related services to oil and natural gas exploration and production companies, with operations serving customers primarily in Canada and the United States as well as selected international markets.

Its Contract Drilling Services segment operates land-based drilling rigs and provides associated equipment, personnel and technical expertise. Precision also offers directional drilling and other technologies designed to support the construction of complex horizontal and extended-reach wells.

Through its Completion and Production Services business, the company provides well servicing, snubbing, rental equipment, camp and catering services, and other support activities used during well completion, maintenance and production.