Precision Drilling Corporation (NYSE:PDS) Receives $117.00 Consensus Target Price from Brokerages

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) has been given a consensus rating of “Moderate Buy” by the eight ratings firms that are presently covering the company, MarketBeat reports. Three analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $117.00.

Several equities analysts have weighed in on the company. BMO Capital Markets reaffirmed an “outperform” rating on shares of Precision Drilling in a research report on Thursday, February 12th. Zacks Research raised shares of Precision Drilling from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th. Loop Capital set a $122.00 price objective on shares of Precision Drilling in a research note on Monday, March 2nd. TD Securities restated a “hold” rating on shares of Precision Drilling in a report on Thursday, February 12th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $105.00 target price (up from $81.00) on shares of Precision Drilling in a research note on Tuesday, February 17th.

Institutional Trading of Precision Drilling

Several hedge funds have recently modified their holdings of PDS. FIL Ltd boosted its holdings in Precision Drilling by 27,294.7% in the fourth quarter. FIL Ltd now owns 850,331 shares of the oil and gas company’s stock valued at $61,017,000 after purchasing an additional 847,227 shares during the period. National Bank of Canada FI increased its holdings in Precision Drilling by 0.6% during the 3rd quarter. National Bank of Canada FI now owns 735,460 shares of the oil and gas company’s stock worth $41,265,000 after purchasing an additional 4,236 shares during the period. Aegis Financial Corp raised its position in Precision Drilling by 11.4% in the 4th quarter. Aegis Financial Corp now owns 504,059 shares of the oil and gas company’s stock valued at $36,221,000 after purchasing an additional 51,700 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in Precision Drilling by 24.9% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 483,937 shares of the oil and gas company’s stock valued at $27,262,000 after purchasing an additional 96,339 shares in the last quarter. Finally, Hillsdale Investment Management Inc. purchased a new position in shares of Precision Drilling in the 4th quarter valued at about $20,979,000. 48.86% of the stock is currently owned by institutional investors and hedge funds.

Precision Drilling Stock Up 1.6%

NYSE:PDS opened at $91.16 on Friday. Precision Drilling has a 52 week low of $36.20 and a 52 week high of $93.89. The stock’s fifty day moving average is $81.00 and its two-hundred day moving average is $67.41. The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of -233.75 and a beta of 1.01. The company has a quick ratio of 1.46, a current ratio of 1.62 and a debt-to-equity ratio of 0.43.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its quarterly earnings data on Wednesday, February 11th. The oil and gas company reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.26. Precision Drilling had a return on equity of 4.12% and a net margin of 0.05%.The business had revenue of $349.37 million during the quarter, compared to analysts’ expectations of $489.80 million. Research analysts anticipate that Precision Drilling will post 7.1 EPS for the current year.

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.