Precision Drilling Corporation (NYSE:PDS) Receives $117.00 Average Price Target from Brokerages

Shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) have earned a consensus recommendation of “Moderate Buy” from the eight ratings firms that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $117.00.

A number of research firms have weighed in on PDS. TD Securities reissued a “hold” rating on shares of Precision Drilling in a report on Thursday, February 12th. Piper Sandler restated an “overweight” rating and set a $105.00 price target (up from $81.00) on shares of Precision Drilling in a research note on Tuesday, February 17th. Wall Street Zen upgraded shares of Precision Drilling from a “hold” rating to a “buy” rating in a research note on Saturday. Royal Bank Of Canada reiterated an “outperform” rating and set a $124.00 price target (up from $119.00) on shares of Precision Drilling in a research note on Friday, February 13th. Finally, Zacks Research upgraded Precision Drilling from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th.

Precision Drilling Stock Up 0.2%

PDS opened at $92.54 on Friday. The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of -237.27 and a beta of 1.01. The firm has a 50 day moving average price of $82.61 and a 200-day moving average price of $68.25. Precision Drilling has a twelve month low of $36.20 and a twelve month high of $93.89. The company has a quick ratio of 1.46, a current ratio of 1.62 and a debt-to-equity ratio of 0.43.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its earnings results on Wednesday, February 11th. The oil and gas company reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.26. The company had revenue of $349.37 million for the quarter, compared to analysts’ expectations of $489.80 million. Precision Drilling had a net margin of 0.05% and a return on equity of 4.12%. Equities research analysts forecast that Precision Drilling will post 7.1 earnings per share for the current year.

Hedge Funds Weigh In On Precision Drilling

Large investors have recently made changes to their positions in the business. FIL Ltd grew its position in shares of 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 worth $61,017,000 after purchasing an additional 847,227 shares in the last quarter. National Bank of Canada FI lifted its holdings in Precision Drilling by 0.6% in the 3rd quarter. National Bank of Canada FI now owns 735,460 shares of the oil and gas company’s stock worth $41,265,000 after purchasing an additional 4,236 shares in the last quarter. Aegis Financial Corp lifted its holdings in Precision Drilling by 11.4% in the 4th quarter. Aegis Financial Corp now owns 504,059 shares of the oil and gas company’s stock worth $36,221,000 after purchasing an additional 51,700 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Precision Drilling by 24.9% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 483,937 shares of the oil and gas company’s stock worth $27,262,000 after purchasing an additional 96,339 shares during the period. Finally, Hillsdale Investment Management Inc. bought a new position in Precision Drilling in the 4th quarter worth approximately $20,979,000. 48.86% of the stock is currently owned by hedge funds and other institutional investors.

About Precision Drilling

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.