Precision Drilling (NYSE:PDS) Price Target Raised to $115.00

Precision Drilling (NYSE:PDSGet Rating) (TSE:PD) had its price target raised by Piper Sandler from $85.00 to $115.00 in a research note issued to investors on Wednesday, The Fly reports. Piper Sandler’s price objective would indicate a potential upside of 51.04% from the stock’s previous close.

Other research analysts have also issued research reports about the company. StockNews.com initiated coverage on Precision Drilling in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Royal Bank of Canada raised their target price on shares of Precision Drilling from C$71.00 to C$81.00 in a research note on Friday, February 11th. National Bank Financial upped their price target on Precision Drilling from C$65.00 to C$80.00 in a research report on Friday, February 11th. Stifel Nicolaus raised their target price on Precision Drilling from C$75.00 to C$80.00 in a research note on Wednesday, February 16th. Finally, Raymond James upped their price objective on shares of Precision Drilling from C$62.50 to C$115.00 in a report on Tuesday, March 29th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $77.73.

PDS stock opened at $76.14 on Wednesday. Precision Drilling has a 52 week low of $24.50 and a 52 week high of $79.50. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 0.90. The stock’s 50-day moving average is $62.06. The stock has a market capitalization of $1.03 billion, a PE ratio of -7.13 and a beta of 2.67.

Precision Drilling (NYSE:PDSGet Rating) (TSE:PD) last posted its quarterly earnings data on Thursday, February 10th. The oil and gas company reported ($1.63) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.28) by ($0.35). The firm had revenue of $295.20 million for the quarter, compared to analysts’ expectations of $285.08 million. Precision Drilling had a negative return on equity of 13.90% and a negative net margin of 18.08%. Precision Drilling’s quarterly revenue was up 46.4% on a year-over-year basis. During the same quarter last year, the firm posted ($2.10) earnings per share. On average, equities research analysts expect that Precision Drilling will post -2.39 earnings per share for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the company. MD Financial Management Inc. boosted its position in Precision Drilling by 72,588.5% in the 3rd quarter. MD Financial Management Inc. now owns 101,037 shares of the oil and gas company’s stock valued at $4,083,000 after buying an additional 100,898 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Precision Drilling by 38.4% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 340,130 shares of the oil and gas company’s stock valued at $13,733,000 after acquiring an additional 94,300 shares in the last quarter. PCJ Investment Counsel Ltd. grew its stake in Precision Drilling by 39.5% during the 4th quarter. PCJ Investment Counsel Ltd. now owns 274,930 shares of the oil and gas company’s stock worth $9,721,000 after purchasing an additional 77,800 shares in the last quarter. TD Asset Management Inc. increased its holdings in Precision Drilling by 56.2% during the 4th quarter. TD Asset Management Inc. now owns 148,258 shares of the oil and gas company’s stock worth $5,245,000 after purchasing an additional 53,370 shares during the period. Finally, Morgan Stanley boosted its stake in shares of Precision Drilling by 60.2% in the 2nd quarter. Morgan Stanley now owns 132,802 shares of the oil and gas company’s stock valued at $5,538,000 after buying an additional 49,910 shares during the period. 43.10% of the stock is owned by institutional investors and hedge funds.

About Precision Drilling (Get Rating)

Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates in two segments, Contract Drilling Services; and Completion and Production Services.

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