Precision Drilling Corporation (NYSE:PDS) Given Average Recommendation of “Moderate Buy” by Brokerages

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) has been given an average recommendation of “Moderate Buy” by the six analysts that are presently covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $87.00.

Several research analysts have commented on the company. Zacks Research downgraded Precision Drilling from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 15th. Weiss Ratings reissued a “hold (c)” rating on shares of Precision Drilling in a research note on Wednesday, October 8th. Piper Sandler reissued an “overweight” rating and set a $74.00 target price (up previously from $72.00) on shares of Precision Drilling in a research note on Thursday, August 14th. Finally, Royal Bank Of Canada boosted their target price on Precision Drilling from $89.00 to $100.00 and gave the stock an “outperform” rating in a research note on Thursday, July 31st.

Precision Drilling Stock Down 0.5%

PDS stock opened at $54.40 on Wednesday. The company has a market cap of $716.99 million, a PE ratio of 11.45 and a beta of 1.11. The business has a 50-day simple moving average of $56.51 and a 200 day simple moving average of $49.97. Precision Drilling has a 52 week low of $36.20 and a 52 week high of $67.35. The company has a quick ratio of 0.90, a current ratio of 1.01 and a debt-to-equity ratio of 0.33.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings results on Tuesday, July 29th. The oil and gas company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.79. The business had revenue of $299.14 million during the quarter, compared to the consensus estimate of $435.47 million. Precision Drilling had a return on equity of 6.21% and a net margin of 5.67%. Sell-side analysts anticipate that Precision Drilling will post 7.1 EPS for the current fiscal year.

Institutional Trading of Precision Drilling

Several institutional investors have recently added to or reduced their stakes in the stock. Orion Resource Partners LP bought a new stake in Precision Drilling in the second quarter valued at approximately $642,000. Lighthouse Investment Partners LLC bought a new position in shares of Precision Drilling during the 2nd quarter worth approximately $499,000. Raymond James Financial Inc. bought a new position in shares of Precision Drilling during the 2nd quarter worth approximately $57,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Precision Drilling by 275.5% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 387,598 shares of the oil and gas company’s stock worth $18,338,000 after buying an additional 284,384 shares in the last quarter. Finally, Aegis Financial Corp boosted its holdings in shares of Precision Drilling by 10.2% during the 2nd quarter. Aegis Financial Corp now owns 215,396 shares of the oil and gas company’s stock worth $10,182,000 after buying an additional 19,891 shares in the last quarter. 48.86% of the stock is currently owned by institutional investors.

Precision Drilling Company Profile

Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates through Contract Drilling Services and Completion and Production Services segments.