Precision Drilling (NYSE:PDS) Sets New 12-Month High – What’s Next?

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $94.55 and last traded at $94.7090, with a volume of 21204 shares trading hands. The stock had previously closed at $92.42.

Analysts Set New Price Targets

PDS has been the subject of a number of research reports. Weiss Ratings downgraded shares of Precision Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research report on Thursday. Royal Bank Of Canada restated an “outperform” rating and issued a $124.00 price target (up from $119.00) on shares of Precision Drilling in a research report on Friday, February 13th. TD Securities reiterated a “hold” rating on shares of Precision Drilling in a research report on Thursday, February 12th. Wall Street Zen upgraded shares of Precision Drilling from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Loop Capital set a $122.00 price target on shares of Precision Drilling in a research report on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have issued 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 has a consensus rating of “Moderate Buy” and a consensus target price of $117.00.

Precision Drilling Price Performance

The company’s fifty day moving average is $82.61 and its 200 day moving average is $68.42. The company has a quick ratio of 1.46, a current ratio of 1.62 and a debt-to-equity ratio of 0.43. The stock has a market cap of $1.21 billion, a PE ratio of -239.56 and a beta of 1.01.

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

Hedge Funds Weigh In On Precision Drilling

Hedge funds have recently bought and sold shares of the business. Wolverine Asset Management LLC lifted its position in shares of Precision Drilling by 112.9% in the fourth quarter. Wolverine Asset Management LLC now owns 802 shares of the oil and gas company’s stock worth $58,000 after buying an additional 7,000 shares during the last quarter. Quarry LP bought a new stake in shares of Precision Drilling during the 3rd quarter worth $54,000. Cubist Systematic Strategies LLC acquired a new position in Precision Drilling in the 1st quarter valued at $45,000. US Bancorp DE lifted its position in Precision Drilling by 52.3% during the 3rd quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock worth $67,000 after acquiring an additional 408 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Precision Drilling during the second quarter valued at about $57,000. 48.86% of the stock is owned by institutional investors and hedge funds.

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.