Precision Drilling (NYSE:PDS) Price Target Cut to $110.00

Precision Drilling (NYSE:PDSGet Rating) (TSE:PD) had its price objective reduced by equities research analysts at Piper Sandler from $115.00 to $110.00 in a report released on Wednesday, The Fly reports. Piper Sandler’s target price suggests a potential upside of 64.25% from the company’s current price.

A number of other research firms have also recently commented on PDS. Raymond James upped their target price on shares of Precision Drilling from C$62.50 to C$115.00 in a research report on Tuesday, March 29th. StockNews.com initiated coverage on shares of Precision Drilling in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. National Bank Financial upped their target price on shares of Precision Drilling from C$65.00 to C$80.00 in a research report on Friday, February 11th. Royal Bank of Canada increased their price target on shares of Precision Drilling from C$135.00 to C$147.00 in a research report on Friday, April 29th. Finally, Canaccord Genuity Group increased their price target on shares of Precision Drilling from C$85.00 to C$105.00 and gave the stock a “hold” rating in a research report on Friday, April 22nd. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $97.75.

Precision Drilling stock opened at $66.97 on Wednesday. Precision Drilling has a 52-week low of $24.68 and a 52-week high of $85.29. The stock has a market capitalization of $910.12 million, a price-to-earnings ratio of -6.02 and a beta of 2.50. The business’s fifty day simple moving average is $68.83. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.71 and a quick ratio of 1.60.

Precision Drilling (NYSE:PDSGet Rating) (TSE:PD) last announced its quarterly earnings results on Thursday, April 28th. The oil and gas company reported ($3.25) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($2.59). The firm had revenue of $351.00 million for the quarter, compared to analyst estimates of $329.17 million. Precision Drilling had a negative net margin of 16.91% and a negative return on equity of 14.98%. The company’s revenue was up 48.4% compared to the same quarter last year. During the same period in the previous year, the firm posted ($2.13) EPS. As a group, equities analysts expect that Precision Drilling will post -2.66 EPS for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the business. Marshall Wace LLP purchased a new position in Precision Drilling in the fourth quarter valued at approximately $61,000. CIBC World Markets Inc. increased its stake in Precision Drilling by 11.7% in the fourth quarter. CIBC World Markets Inc. now owns 6,787 shares of the oil and gas company’s stock valued at $240,000 after purchasing an additional 710 shares during the last quarter. Alpha Paradigm Partners LLC purchased a new position in Precision Drilling in the fourth quarter valued at approximately $193,000. Invesco Ltd. increased its stake in Precision Drilling by 11.5% in the fourth quarter. Invesco Ltd. now owns 17,196 shares of the oil and gas company’s stock valued at $609,000 after purchasing an additional 1,773 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new position in shares of Precision Drilling during the fourth quarter worth approximately $1,024,000. Institutional investors own 43.04% of the company’s stock.

Precision Drilling Company Profile (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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