Precision Drilling (NYSE:PDS) Upgraded to “Buy” at StockNews.com

StockNews.com upgraded shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a hold rating to a buy rating in a research report report published on Thursday morning.

Separately, Piper Sandler cut their target price on Precision Drilling from $101.00 to $95.00 and set an overweight rating on the stock in a report on Monday, July 15th. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $118.33.

Precision Drilling Stock Performance

Precision Drilling stock opened at $69.61 on Thursday. The business has a 50 day moving average of $70.39 and a 200-day moving average of $67.57. The company has a market capitalization of $991.25 million, a P/E ratio of 6.12 and a beta of 2.03. Precision Drilling has a 1 year low of $49.67 and a 1 year high of $79.07. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.51 and a quick ratio of 1.59.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings results on Tuesday, July 30th. The oil and gas company reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.62) by $2.06. The firm had revenue of $429.20 million during the quarter, compared to analysts’ expectations of $310.13 million. Precision Drilling had a net margin of 11.68% and a return on equity of 9.26%. The company’s revenue was up .8% on a year-over-year basis. During the same period in the prior year, the company posted $1.21 EPS. On average, equities research analysts predict that Precision Drilling will post 6.03 earnings per share for the current year.

Hedge Funds Weigh In On Precision Drilling

A number of hedge funds have recently bought and sold shares of PDS. Ninepoint Partners LP bought a new stake in Precision Drilling during the fourth quarter valued at $74,649,000. National Bank of Canada FI boosted its position in shares of Precision Drilling by 29.0% during the 1st quarter. National Bank of Canada FI now owns 711,047 shares of the oil and gas company’s stock valued at $50,886,000 after purchasing an additional 159,871 shares in the last quarter. Aegis Financial Corp acquired a new stake in Precision Drilling during the first quarter worth approximately $6,124,000. Hartree Partners LP increased its holdings in Precision Drilling by 113.3% in the first quarter. Hartree Partners LP now owns 80,000 shares of the oil and gas company’s stock worth $5,384,000 after purchasing an additional 42,500 shares in the last quarter. Finally, NewGen Asset Management Ltd lifted its stake in Precision Drilling by 27.8% in the fourth quarter. NewGen Asset Management Ltd now owns 123,970 shares of the oil and gas company’s stock valued at $6,730,000 after buying an additional 27,000 shares during the period. Institutional investors own 48.86% of the company’s stock.

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.