Precision Drilling Corporation (NYSE:PDS) Given Average Rating of “Moderate Buy” by Analysts

Shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) have been assigned a consensus recommendation of “Moderate Buy” from the eight analysts that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $122.3333.

A number of equities analysts recently issued reports on the stock. Zacks Research raised shares of Precision Drilling from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th. TD Securities reissued a “hold” rating on shares of Precision Drilling in a report on Thursday, February 12th. Wall Street Zen lowered shares of Precision Drilling from a “buy” rating to a “hold” rating in a research report on Sunday, March 22nd. Royal Bank Of Canada boosted their price objective on shares of Precision Drilling from $124.00 to $140.00 and gave the stock an “outperform” rating in a report on Monday, March 23rd. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $105.00 price objective (up from $81.00) on shares of Precision Drilling in a research report on Tuesday, February 17th.

Precision Drilling Price Performance

Shares of NYSE:PDS opened at $94.34 on Wednesday. The company has a market cap of $1.22 billion, a price-to-earnings ratio of -241.88 and a beta of 0.96. The business has a 50 day moving average price of $89.85 and a 200 day moving average price of $72.66. 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 has a twelve month low of $36.20 and a twelve month high of $103.80.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its quarterly earnings results on Wednesday, February 11th. The oil and gas company reported $1.37 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $489.80 million. Research analysts predict 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 added to or reduced their stakes in the company. Cubist Systematic Strategies LLC acquired a new stake in shares of Precision Drilling during the 1st quarter worth approximately $45,000. Goldman Sachs Group Inc. increased its position in shares of Precision Drilling by 28.4% during the first quarter. Goldman Sachs Group Inc. now owns 138,896 shares of the oil and gas company’s stock valued at $6,475,000 after purchasing an additional 30,690 shares during the period. Geode Capital Management LLC raised its stake in shares of Precision Drilling by 20.3% in the second quarter. Geode Capital Management LLC now owns 65,512 shares of the oil and gas company’s stock valued at $3,095,000 after purchasing an additional 11,056 shares in the last quarter. Creative Planning acquired a new position in shares of Precision Drilling in the second quarter valued at $378,000. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Precision Drilling by 275.5% during the second quarter. Arrowstreet Capital Limited Partnership now owns 387,598 shares of the oil and gas company’s stock worth $18,338,000 after buying an additional 284,384 shares in the last quarter. Institutional investors and hedge funds own 48.86% of the company’s stock.

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.