Precision Drilling (TSE:PD) Sets New 12-Month High – Here’s What Happened

Precision Drilling Co. (TSE:PD) (NYSE:PDS) shares reached a new 52-week high during mid-day trading on Wednesday. The stock traded as high as C$147.71 and last traded at C$146.47, with a volume of 103,872 shares trading hands. The stock had previously closed at C$140.02.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. ATB Cormark Capital Markets lowered their price objective on Precision Drilling from C$165.00 to C$160.00 and set an “outperform” rating for the company in a research report on Thursday, July 30th. TD Securities upgraded shares of Precision Drilling from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 20th. National Bank Financial raised shares of Precision Drilling from a “hold” rating to an “outperform” rating and boosted their target price for the stock from C$150.00 to C$185.00 in a research report on Monday. Canadian Imperial Bank of Commerce cut their price target on shares of Precision Drilling from C$160.00 to C$155.00 in a research note on Thursday, July 30th. Finally, TD raised shares of Precision Drilling from a “hold” rating to a “buy” rating and raised their price target for the stock from C$116.00 to C$150.00 in a report on Tuesday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of C$156.62.

Precision Drilling Price Performance

The company has a market capitalization of C$1.84 billion, a price-to-earnings ratio of -62.05, a P/E/G ratio of -3.24 and a beta of 0.59. The stock has a fifty day simple moving average of C$122.80 and a 200-day simple moving average of C$121.09. The company has a debt-to-equity ratio of 43.54, a current ratio of 1.46 and a quick ratio of 1.36.

Precision Drilling (TSE:PD) (NYSE:PDS) last issued its quarterly earnings data on Wednesday, October 28th. The company reported C$1.65 EPS for the quarter. The business had revenue of C$531.65 million for the quarter. Precision Drilling had a negative net margin of 1.71% and a negative return on equity of 2.03%.

Precision Drilling Company Profile

Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha¿ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen¿ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations.