Precision Drilling (NYSE:PDS) Sets New 12-Month High – What’s Next?

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) hit a new 52-week high during trading on Wednesday. The stock traded as high as $105.23 and last traded at $104.3810, with a volume of 140,695 shares traded. The stock had previously closed at $99.96.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PDS. Weiss Ratings reiterated a “sell (d+)” rating on shares of Precision Drilling in a report on Friday, September 18th. TD Securities upgraded shares of Precision Drilling from a “hold” rating to a “buy” rating and raised their price objective for the company from $116.00 to $150.00 in a research note on Tuesday, October 20th. Zacks Research raised shares of Precision Drilling from a “strong sell” rating to a “hold” rating in a report on Monday, September 28th. National Bank Financial upgraded shares of Precision Drilling from a “sector perform” rating to an “outperform” rating in a research report on Monday. Finally, Wall Street Zen lowered shares of Precision Drilling from a “buy” rating to a “hold” rating in a research report on Sunday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Precision Drilling has an average rating of “Moderate Buy” and a consensus target price of $129.25.

Precision Drilling Stock Performance

The firm has a fifty day moving average of $87.63 and a 200-day moving average of $87.23. The stock has a market capitalization of $1.30 billion, a price-to-earnings ratio of -49.56 and a beta of 0.95. The company has a quick ratio of 1.29, a current ratio of 1.46 and a debt-to-equity ratio of 0.39.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its earnings results on Tuesday, July 28th. The oil and gas company reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.81). The firm had revenue of $319.15 million for the quarter, compared to analysts’ expectations of $310.70 million. Precision Drilling had a positive return on equity of 2.11% and a negative net margin of 1.68%. As a group, sell-side analysts anticipate that Precision Drilling Corporation will post 4.71 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Amova Asset Management Americas Inc. boosted its position in shares of Precision Drilling by 2.1% in the 1st quarter. Amova Asset Management Americas Inc. now owns 6,171 shares of the oil and gas company’s stock worth $606,000 after buying an additional 128 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in Precision Drilling by 2.1% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 6,171 shares of the oil and gas company’s stock valued at $607,000 after acquiring an additional 128 shares during the last quarter. Signaturefd LLC increased its holdings in Precision Drilling by 4.7% during the 3rd quarter. Signaturefd LLC now owns 3,054 shares of the oil and gas company’s stock valued at $246,000 after acquiring an additional 137 shares in the last quarter. Amundi increased its holdings in Precision Drilling by 6.9% during the 1st quarter. Amundi now owns 3,095 shares of the oil and gas company’s stock valued at $305,000 after acquiring an additional 201 shares in the last quarter. Finally, Group One Trading LLC purchased a new position in Precision Drilling during the 1st quarter valued at about $81,000. Institutional investors and hedge funds own 48.86% of the company’s stock.

Precision Drilling Company Profile

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.