Brokerages Set Precision Drilling Corporation (NYSE:PDS) PT at $122.33

Shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) have earned a consensus rating of “Moderate Buy” from the eight analysts that are presently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, one has issued a hold recommendation, four have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $122.3333.

Several research firms recently weighed in on PDS. Zacks Research lowered Precision Drilling from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 1st. Weiss Ratings lowered shares of Precision Drilling from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, June 23rd. BMO Capital Markets reiterated an “outperform” rating on shares of Precision Drilling in a research report on Thursday, April 30th. Wall Street Zen upgraded shares of Precision Drilling from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st. Finally, TD Securities reissued a “hold” rating on shares of Precision Drilling in a research note on Friday, May 1st.

Precision Drilling Price Performance

NYSE:PDS opened at $76.87 on Tuesday. The firm has a market capitalization of $987.81 million, a price-to-earnings ratio of -36.78 and a beta of 0.78. Precision Drilling has a 1 year low of $52.53 and a 1 year high of $103.80. The business has a 50 day simple moving average of $83.55 and a 200-day simple moving average of $87.92. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.46 and a quick ratio of 1.29.

Hedge Funds Weigh In On Precision Drilling

Several hedge funds have recently added to or reduced their stakes in the company. FIL Ltd lifted its stake in Precision Drilling by 27,294.7% in the fourth quarter. FIL Ltd now owns 850,331 shares of the oil and gas company’s stock worth $61,017,000 after purchasing an additional 847,227 shares during the last quarter. National Bank of Canada FI grew its stake in shares of Precision Drilling by 0.6% during 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 last quarter. Aegis Financial Corp raised its holdings in shares of Precision Drilling by 11.4% in the fourth quarter. Aegis Financial Corp now owns 504,059 shares of the oil and gas company’s stock worth $36,221,000 after buying an additional 51,700 shares during the period. Hillsdale Investment Management Inc. lifted its stake in shares of Precision Drilling by 67.0% during the 1st quarter. Hillsdale Investment Management Inc. now owns 487,434 shares of the oil and gas company’s stock worth $47,957,000 after acquiring an additional 195,598 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in Precision Drilling by 24.9% during 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. 48.86% of the stock is currently owned by institutional investors.

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.