Precision Drilling (NYSE:PDS) Reaches New 12-Month High Following Analyst Upgrade

Shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) reached a new 52-week high on Tuesday after Royal Bank Of Canada raised their price target on the stock from $124.00 to $140.00. Royal Bank Of Canada currently has an outperform rating on the stock. Precision Drilling traded as high as $103.25 and last traded at $102.6670, with a volume of 17583 shares trading hands. The stock had previously closed at $100.23.

Several other research firms also recently commented on PDS. TD Securities reissued a “hold” rating on shares of Precision Drilling in a report on Thursday, February 12th. Zacks Research upgraded shares of Precision Drilling from a “strong sell” rating to a “hold” rating in a report on Friday, January 30th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Precision Drilling in a research report on Thursday, February 12th. Loop Capital set a $122.00 price target on shares of Precision Drilling in a research note on Monday, March 2nd. Finally, Piper Sandler restated an “overweight” rating and set a $105.00 price objective (up from $81.00) on shares of Precision Drilling in a research note on Tuesday, February 17th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $122.33.

Institutional Investors Weigh In On Precision Drilling

Large investors have recently added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership increased its holdings in shares of Precision Drilling by 275.5% in the second quarter. Arrowstreet Capital Limited Partnership now owns 387,598 shares of the oil and gas company’s stock valued at $18,338,000 after purchasing an additional 284,384 shares during the last quarter. Aegis Financial Corp raised its position in shares of Precision Drilling by 110.0% in the third quarter. Aegis Financial Corp now owns 452,359 shares of the oil and gas company’s stock valued at $25,486,000 after purchasing an additional 236,963 shares during the period. Picton Mahoney Asset Management lifted its stake in shares of Precision Drilling by 100.0% during the 3rd quarter. Picton Mahoney Asset Management now owns 245,981 shares of the oil and gas company’s stock worth $13,851,000 after buying an additional 122,974 shares during the last quarter. Beirne Wealth Consulting Services LLC bought a new stake in shares of Precision Drilling during the 3rd quarter worth about $325,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Precision Drilling during the 3rd quarter worth about $583,000. Institutional investors own 48.86% of the company’s stock.

Precision Drilling Stock Performance

The firm has a market cap of $1.32 billion, a price-to-earnings ratio of -261.17 and a beta of 1.01. The stock’s 50 day moving average is $86.21 and its 200 day moving average is $70.38. The company has a current ratio of 1.62, a quick ratio of 1.46 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 (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.26. Precision Drilling had a net margin of 0.05% and a return on equity of 4.12%. The firm had revenue of $349.37 million during the quarter, compared to the consensus estimate of $489.80 million. Analysts anticipate that Precision Drilling Corporation will post 7.1 earnings per share for the current year.

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.