Precision Drilling (NYSE:PDS) Sets New 52-Week High – Should You Buy?

Precision Drilling Corporation (NYSE:PDS) (TSE:PD)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $75.43 and last traded at $75.2250, with a volume of 5617 shares trading hands. The stock had previously closed at $73.68.

Analyst Ratings Changes

PDS has been the topic of a number of recent analyst reports. Wall Street Zen cut shares of Precision Drilling from a “buy” rating to a “hold” rating in a research note on Sunday, October 26th. Royal Bank Of Canada raised their price objective on shares of Precision Drilling from $110.00 to $117.00 and gave the company an “outperform” rating in a research report on Friday, October 24th. Zacks Research cut shares of Precision Drilling from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 1st. Weiss Ratings reiterated a “hold (c-)” rating on shares of Precision Drilling in a research note on Friday, October 31st. Finally, Piper Sandler reissued an “overweight” rating and set a $81.00 price target (up from $79.00) on shares of Precision Drilling in a report on Thursday, December 18th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Precision Drilling presently has a consensus rating of “Moderate Buy” and an average target price of $99.00.

Precision Drilling Stock Down 0.8%

The company has a quick ratio of 1.42, a current ratio of 1.58 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $962.20 million, a PE ratio of 27.66 and a beta of 1.00. The company’s 50 day moving average is $66.30 and its two-hundred day moving average is $59.10.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings data on Wednesday, October 22nd. The oil and gas company reported ($0.37) EPS for the quarter, missing the consensus estimate of $1.20 by ($1.57). Precision Drilling had a net margin of 3.17% and a return on equity of 3.44%. The company had revenue of $331.90 million for the quarter, compared to the consensus estimate of $471.38 million. On average, analysts anticipate that Precision Drilling Corporation will post 7.1 earnings per share for the current year.

Institutional Investors Weigh In On Precision Drilling

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC bought a new stake in shares of Precision Drilling in the 1st quarter valued at approximately $45,000. Quarry LP purchased a new stake in Precision Drilling during the 3rd quarter valued at $54,000. Raymond James Financial Inc. bought a new stake in Precision Drilling in the second quarter worth $57,000. US Bancorp DE lifted its position in Precision Drilling by 52.3% in the third quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock worth $67,000 after buying an additional 408 shares during the last quarter. Finally, Signaturefd LLC boosted its stake in Precision Drilling by 52.4% during the second quarter. Signaturefd LLC now owns 2,230 shares of the oil and gas company’s stock worth $105,000 after buying an additional 767 shares during the period. 48.86% of the stock is currently owned by hedge funds and other institutional investors.

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.