Precision Drilling (NYSE:PDS) Share Price Crosses Above 200 Day Moving Average – Should You Sell?

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $84.25 and traded as high as $97.90. Precision Drilling shares last traded at $96.0490, with a volume of 148,212 shares trading hands.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Precision Drilling in a research report on Friday, May 1st. Royal Bank Of Canada upped their price objective on shares of Precision Drilling from $124.00 to $140.00 and gave the company an “outperform” rating in a report on Monday, March 23rd. BMO Capital Markets reaffirmed an “outperform” rating on shares of Precision Drilling in a research report on Thursday, April 30th. TD Securities reiterated a “hold” rating on shares of Precision Drilling in a research note on Friday, May 1st. Finally, Weiss Ratings raised shares of Precision Drilling from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $122.33.

Precision Drilling Trading Down 0.6%

The stock has a 50-day moving average of $93.36 and a 200 day moving average of $84.60. The stock has a market cap of $1.24 billion, a PE ratio of -101.91 and a beta of 0.76. The company has a quick ratio of 1.52, a current ratio of 1.70 and a debt-to-equity ratio of 0.41.

Hedge Funds Weigh In On Precision Drilling

Several institutional investors and hedge funds have recently modified their holdings of the stock. FIL Ltd raised its position in Precision Drilling by 27,294.7% during the fourth quarter. FIL Ltd now owns 850,331 shares of the oil and gas company’s stock valued at $61,017,000 after acquiring an additional 847,227 shares in the last quarter. National Bank of Canada FI raised its position in shares of Precision Drilling by 0.6% in the third quarter. National Bank of Canada FI now owns 735,460 shares of the oil and gas company’s stock worth $41,265,000 after acquiring an additional 4,236 shares during the period. Aegis Financial Corp boosted its stake in shares of Precision Drilling by 11.4% during the 4th quarter. Aegis Financial Corp now owns 504,059 shares of the oil and gas company’s stock worth $36,221,000 after acquiring an additional 51,700 shares in the last quarter. Hillsdale Investment Management Inc. grew its position 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 valued at $47,957,000 after acquiring an additional 195,598 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of 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. Institutional investors and hedge funds 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.