Precision Drilling (NYSE:PDS) Stock Price Up 9.9% – Here’s What Happened

Shares of Precision Drilling Co. (NYSE:PDS) (TSE:PD) traded up 9.9% during trading on Wednesday . The stock traded as high as $62.78 and last traded at $62.78. 160,743 shares changed hands during mid-day trading, an increase of 139% from the average session volume of 67,137 shares. The stock had previously closed at $57.15.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Piper Sandler boosted their target price on shares of Precision Drilling from $95.00 to $112.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. StockNews.com raised shares of Precision Drilling from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st.

Precision Drilling Trading Down 1.3 %

The company has a current ratio of 1.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.47. The company’s fifty day moving average is $64.19 and its 200-day moving average is $68.08. The firm has a market capitalization of $833.35 million, a P/E ratio of 5.10 and a beta of 1.96.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.62) by $2.06. The business had revenue of $429.20 million during the quarter, compared to the consensus estimate of $310.13 million. Precision Drilling had a net margin of 12.52% and a return on equity of 10.06%. Precision Drilling’s quarterly revenue was up .8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.21 EPS. As a group, sell-side analysts anticipate that Precision Drilling Co. will post 6.57 earnings per share for the current fiscal year.

Institutional Trading of Precision Drilling

Several large investors have recently modified their holdings of PDS. Blue Trust Inc. boosted its holdings in shares of Precision Drilling by 2,800.0% during the 2nd quarter. Blue Trust Inc. now owns 522 shares of the oil and gas company’s stock worth $35,000 after buying an additional 504 shares during the period. US Bancorp DE raised its stake in Precision Drilling by 56.6% during the 3rd quarter. US Bancorp DE now owns 603 shares of the oil and gas company’s stock valued at $37,000 after purchasing an additional 218 shares during the last quarter. Signaturefd LLC raised its stake in Precision Drilling by 32.6% during the 2nd quarter. Signaturefd LLC now owns 1,384 shares of the oil and gas company’s stock valued at $97,000 after purchasing an additional 340 shares during the last quarter. Squarepoint Ops LLC acquired a new position in Precision Drilling during the 2nd quarter valued at $210,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Precision Drilling by 14.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,270 shares of the oil and gas company’s stock valued at $300,000 after purchasing an additional 545 shares during the last quarter. 48.86% of the stock is owned by institutional investors.

About Precision Drilling

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.