Precision Drilling (NYSE:PDS) Hits New 1-Year High – What’s Next?

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $75.25 and last traded at $73.1060, with a volume of 30835 shares trading hands. The stock had previously closed at $73.68.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Precision Drilling in a research report on Friday, October 31st. Wall Street Zen downgraded shares of Precision Drilling from a “buy” rating to a “hold” rating in a research report on Sunday, October 26th. Zacks Research cut shares of Precision Drilling from a “hold” rating to a “strong sell” rating in a research note on Thursday. TD Securities reissued a “hold” rating on shares of Precision Drilling in a report on Thursday, October 23rd. Finally, Piper Sandler reaffirmed 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. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $99.00.

Precision Drilling Stock Performance

The company has a 50-day moving average of $63.85 and a 200-day moving average of $57.71. The firm has a market capitalization of $940.48 million, a P/E ratio of 27.08 and a beta of 1.00. 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 released its quarterly earnings data on Wednesday, October 22nd. The oil and gas company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of $1.20 by ($1.57). The company had revenue of $331.90 million during the quarter, compared to the consensus estimate of $471.38 million. Precision Drilling had a net margin of 3.17% and a return on equity of 3.44%. On average, equities analysts anticipate that Precision Drilling Corporation will post 7.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Precision Drilling

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its stake in Precision Drilling by 180.9% during the third quarter. JPMorgan Chase & Co. now owns 37,579 shares of the oil and gas company’s stock valued at $2,118,000 after acquiring an additional 24,203 shares in the last quarter. PharVision Advisers LLC purchased a new position in shares of Precision Drilling in the third quarter worth about $325,000. Verition Fund Management LLC bought a new stake in Precision Drilling in the 3rd quarter worth $1,719,000. SIR Capital Management L.P. increased its position in Precision Drilling by 367.3% during the 3rd quarter. SIR Capital Management L.P. now owns 55,978 shares of the oil and gas company’s stock valued at $3,153,000 after purchasing an additional 44,000 shares during the period. Finally, Quarry LP bought a new position in Precision Drilling during the 3rd quarter valued at approximately $54,000. Hedge funds and other institutional investors own 48.86% of the company’s stock.

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.