Precision Drilling (NYSE:PDS) Reaches New 52-Week High Following Analyst Upgrade

Precision Drilling Corporation (NYSE:PDS) (TSE:PD)’s stock price hit a new 52-week high during trading on Tuesday after Royal Bank Of Canada raised their price target on the stock from $124.00 to $140.00. Royal Bank Of Canada currently has an outperform rating on the stock. Precision Drilling traded as high as $103.25 and last traded at $102.6670, with a volume of 17583 shares. The stock had previously closed at $100.23.

Several other equities analysts have also recently issued reports on the company. Zacks Research upgraded Precision Drilling from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Precision Drilling in a research note on Thursday, February 12th. Loop Capital set a $122.00 target price on shares of Precision Drilling in a report on Monday, March 2nd. Wall Street Zen cut shares of Precision Drilling from a “buy” rating to a “hold” rating in a report on Sunday. Finally, Weiss Ratings cut Precision Drilling from a “hold (c)” rating to a “sell (d+)” rating in a report on Thursday, March 12th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Precision Drilling has a consensus rating of “Moderate Buy” and a consensus price target of $122.33.

Institutional Investors Weigh In On Precision Drilling

A number of institutional investors have recently bought and sold shares of the business. State of Wyoming boosted its position in Precision Drilling by 4.0% during the 4th quarter. State of Wyoming now owns 4,490 shares of the oil and gas company’s stock worth $323,000 after acquiring an additional 173 shares during the period. SIR Capital Management L.P. lifted its position in shares of Precision Drilling by 0.4% in the fourth quarter. SIR Capital Management L.P. now owns 56,178 shares of the oil and gas company’s stock worth $4,031,000 after purchasing an additional 200 shares in the last quarter. US Bancorp DE boosted its holdings in shares of Precision Drilling by 52.3% during the third quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock worth $67,000 after purchasing an additional 408 shares during the period. Geode Capital Management LLC grew its position in Precision Drilling by 5.3% during the fourth quarter. Geode Capital Management LLC now owns 8,853 shares of the oil and gas company’s stock valued at $632,000 after purchasing an additional 445 shares in the last quarter. Finally, Creative Planning increased its stake in Precision Drilling by 6.2% in the 3rd quarter. Creative Planning now owns 8,503 shares of the oil and gas company’s stock valued at $479,000 after buying an additional 496 shares during the period. 48.86% of the stock is currently owned by institutional investors and hedge funds.

Precision Drilling Trading Up 2.5%

The company has a current ratio of 1.62, a quick ratio of 1.46 and a debt-to-equity ratio of 0.43. The company has a market cap of $1.33 billion, a PE ratio of -263.17 and a beta of 1.01. The business’s 50-day simple moving average is $85.64 and its 200-day simple moving average is $70.06.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its earnings results on Wednesday, February 11th. The oil and gas company reported $1.37 EPS for the quarter, beating 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 firm had revenue of $349.37 million for the quarter, compared to the consensus estimate of $489.80 million. As a group, analysts expect that Precision Drilling Corporation will post 7.1 EPS for the current fiscal year.

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.