Precision Drilling (NYSE:PDS) Share Price Passes Above 200-Day Moving Average – Here’s Why

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) shares passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $57.11 and traded as high as $71.25. Precision Drilling shares last traded at $70.54, with a volume of 65,358 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on PDS shares. Royal Bank Of Canada upped their price objective on Precision Drilling from $110.00 to $117.00 and gave the stock an “outperform” rating in a report on Friday, October 24th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Precision Drilling in a research note on Friday, October 31st. Wall Street Zen cut shares of Precision Drilling from a “buy” rating to a “hold” rating in a research note on Sunday, October 26th. TD Securities reissued a “hold” rating on shares of Precision Drilling in a report on Thursday, October 23rd. Finally, Atb Cap Markets raised shares of Precision Drilling to a “strong-buy” rating in a report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $99.00.

Precision Drilling Stock Performance

The stock has a market capitalization of $915.61 million, a price-to-earnings ratio of 26.22 and a beta of 0.97. The stock’s 50 day moving average is $62.65 and its 200 day moving average is $57.11. The company has a current ratio of 1.58, a quick ratio of 1.42 and a debt-to-equity ratio of 0.41.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its earnings results on Wednesday, October 22nd. The oil and gas company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.20 by ($1.57). The business had revenue of $331.90 million for the quarter, compared to analyst estimates of $471.38 million. Precision Drilling had a return on equity of 3.44% and a net margin of 3.17%. On average, analysts predict that Precision Drilling Corporation will post 7.1 earnings per share for the current year.

Institutional Investors Weigh In On Precision Drilling

A number of large investors have recently bought and sold shares of the stock. Quarry LP acquired a new position in shares of Precision Drilling in the third quarter worth $54,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Precision Drilling during the first quarter valued at $45,000. US Bancorp DE increased its position in 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. Raymond James Financial Inc. acquired a new position in Precision Drilling in the 2nd quarter valued at about $57,000. Finally, Signaturefd LLC lifted its holdings in Precision Drilling by 52.4% in the 2nd quarter. Signaturefd LLC now owns 2,230 shares of the oil and gas company’s stock valued at $105,000 after purchasing an additional 767 shares in the last quarter. Institutional investors and hedge funds own 48.86% of the company’s stock.

About Precision Drilling

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.