Piper Sandler Raises Precision Drilling (NYSE:PDS) Price Target to $101.00

Precision Drilling (NYSE:PDS) (TSE:PD) had its price target lifted by Piper Sandler from $81.00 to $101.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the oil and gas company’s stock. Piper Sandler’s target price suggests a potential upside of 38.81% from the company’s current price.

Separately, StockNews.com cut Precision Drilling from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $118.50.

Precision Drilling Stock Up 0.5 %

NYSE PDS opened at $72.76 on Monday. The stock has a fifty day moving average of $67.72 and a 200-day moving average of $61.10. The stock has a market capitalization of $1.05 billion, a P/E ratio of 6.39 and a beta of 2.08. Precision Drilling has a 52 week low of $41.56 and a 52 week high of $77.21. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.59 and a current ratio of 1.71.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its earnings results on Thursday, April 25th. The oil and gas company reported $1.88 EPS for the quarter, missing the consensus estimate of $2.00 by ($0.12). The firm had revenue of $391.51 million during the quarter, compared to analyst estimates of $399.44 million. Precision Drilling had a net margin of 12.00% and a return on equity of 10.10%. On average, equities research analysts forecast that Precision Drilling will post 6.49 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ninepoint Partners LP bought a new position in Precision Drilling during the fourth quarter worth about $74,649,000. Acadian Asset Management LLC lifted its holdings in Precision Drilling by 95.0% during the third quarter. Acadian Asset Management LLC now owns 466,048 shares of the oil and gas company’s stock worth $31,344,000 after acquiring an additional 227,077 shares in the last quarter. American Century Companies Inc. lifted its holdings in Precision Drilling by 1,501.2% during the third quarter. American Century Companies Inc. now owns 223,116 shares of the oil and gas company’s stock worth $14,950,000 after acquiring an additional 209,182 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Precision Drilling by 172.3% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 188,400 shares of the oil and gas company’s stock worth $12,623,000 after acquiring an additional 119,200 shares in the last quarter. Finally, NewGen Asset Management Ltd lifted its holdings in Precision Drilling by 27.8% during the fourth quarter. NewGen Asset Management Ltd now owns 123,970 shares of the oil and gas company’s stock worth $6,730,000 after acquiring an additional 27,000 shares in the last quarter. 48.86% of the stock is currently owned by institutional investors.

Precision Drilling Company Profile

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 through Contract Drilling Services and Completion and Production Services segments.