Precision Drilling Corporation (NYSE:PDS) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) has been assigned a consensus rating of “Moderate Buy” from the eight ratings firms that are presently covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation, four have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $122.3333.

Several research firms have recently commented on PDS. BMO Capital Markets reaffirmed an “outperform” rating on shares of Precision Drilling in a research report on Thursday, April 30th. Piper Sandler reissued an “overweight” rating and issued a $105.00 target price (up from $81.00) on shares of Precision Drilling in a research report on Tuesday, February 17th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Precision Drilling in a research note on Friday, May 1st. Weiss Ratings upgraded shares of Precision Drilling from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, June 5th. Finally, TD Securities reissued a “hold” rating on shares of Precision Drilling in a report on Friday, May 1st.

Institutional Investors Weigh In On Precision Drilling

A number of large investors have recently added to or reduced their stakes in PDS. Wolverine Asset Management LLC increased its stake in Precision Drilling by 112.9% during the 4th quarter. Wolverine Asset Management LLC now owns 802 shares of the oil and gas company’s stock worth $58,000 after acquiring an additional 7,000 shares during the period. Group One Trading LLC bought a new stake in shares of Precision Drilling during the 1st quarter valued at $81,000. Quarry LP bought a new stake in shares of Precision Drilling during the 3rd quarter valued at $54,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Precision Drilling during the 1st quarter worth $45,000. Finally, US Bancorp DE grew its holdings in shares of 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 purchasing an additional 408 shares in the last quarter. Institutional investors and hedge funds own 48.86% of the company’s stock.

Precision Drilling Stock Performance

Shares of PDS stock opened at $95.80 on Monday. Precision Drilling has a 52 week low of $45.97 and a 52 week high of $103.80. The company has a market capitalization of $1.24 billion, a price-to-earnings ratio of -101.91 and a beta of 0.76. The company has a 50-day simple moving average of $93.36 and a 200 day simple moving average of $84.79. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.52 and a current ratio of 1.70.

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.