Precision Drilling (NYSE:PDS) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a hold rating to a buy rating in a research note published on Saturday morning.

Several other equities research analysts also recently weighed in on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $105.00 price objective (up from $81.00) on shares of Precision Drilling in a report on Tuesday, February 17th. BMO Capital Markets reissued an “outperform” rating on shares of Precision Drilling in a research note on Thursday, February 12th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $124.00 price target (up from $119.00) on shares of Precision Drilling in a research note on Friday, February 13th. Loop Capital set a $122.00 price objective on shares of Precision Drilling in a report on Monday, March 2nd. Finally, Zacks Research upgraded shares of Precision Drilling from a “strong sell” rating to a “hold” rating in a research note on Friday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have given a Hold rating and one has given a Sell 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 $117.00.

Precision Drilling Stock Up 0.2%

PDS opened at $92.54 on Friday. The stock’s 50 day moving average price is $82.61 and its 200 day moving average price is $68.34. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.62 and a quick ratio of 1.46. The stock has a market cap of $1.19 billion, a P/E ratio of -237.27 and a beta of 1.01. Precision Drilling has a 12 month low of $36.20 and a 12 month high of $93.89.

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

Hedge Funds Weigh In On Precision Drilling

Several hedge funds have recently made changes to their positions in PDS. FIL Ltd lifted its stake in 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 valued at $61,017,000 after purchasing an additional 847,227 shares during the last quarter. National Bank of Canada FI increased its holdings in shares of Precision Drilling by 0.6% in the third quarter. National Bank of Canada FI now owns 735,460 shares of the oil and gas company’s stock valued at $41,265,000 after buying an additional 4,236 shares in the last quarter. Aegis Financial Corp lifted its position in shares of Precision Drilling by 11.4% during the 4th quarter. Aegis Financial Corp now owns 504,059 shares of the oil and gas company’s stock valued at $36,221,000 after acquiring an additional 51,700 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Precision Drilling by 24.9% during 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 acquiring an additional 96,339 shares in the last quarter. Finally, Hillsdale Investment Management Inc. acquired a new position in shares of Precision Drilling in the 4th quarter worth $20,979,000. Institutional investors and hedge funds own 48.86% of the company’s stock.

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.