Precision Drilling Corporation (NYSE:PDS) Receives $99.00 Average Target Price from Analysts

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) has earned a consensus recommendation of “Moderate Buy” from the eight ratings firms that are currently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation, four have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $99.00.

A number of analysts have weighed in on the stock. TD Securities reissued a “hold” rating on shares of Precision Drilling in a research report on Thursday. Wall Street Zen cut shares of Precision Drilling from a “buy” rating to a “hold” rating in a research report on Sunday, October 26th. BMO Capital Markets restated an “outperform” rating on shares of Precision Drilling in a report on Thursday. Piper Sandler reiterated an “overweight” rating and set a $81.00 price target (up from $79.00) on shares of Precision Drilling in a report on Thursday, December 18th. Finally, Zacks Research raised Precision Drilling from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th.

Precision Drilling Trading Down 7.7%

NYSE PDS opened at $83.00 on Tuesday. The firm has a market capitalization of $1.07 billion, a PE ratio of -212.81 and a beta of 1.04. The business’s 50-day moving average price is $74.56 and its two-hundred day moving average price is $63.26. 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 has a 12 month low of $36.20 and a 12 month high of $91.99.

Institutional Investors Weigh In On Precision Drilling

A number of hedge funds have recently added to or reduced their stakes in PDS. 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 in the last quarter. Aegis Financial Corp boosted its position in shares of Precision Drilling by 11.4% during the fourth quarter. Aegis Financial Corp now owns 504,059 shares of the oil and gas company’s stock valued at $36,221,000 after buying an additional 51,700 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Precision Drilling by 24.9% during the third quarter. Arrowstreet Capital Limited Partnership now owns 483,937 shares of the oil and gas company’s stock valued at $27,262,000 after buying an additional 96,339 shares during the last quarter. Hillsdale Investment Management Inc. bought a new stake in Precision Drilling during the fourth quarter worth $20,979,000. Finally, Picton Mahoney Asset Management raised its position in Precision Drilling by 6.5% in the 4th quarter. Picton Mahoney Asset Management now owns 261,950 shares of the oil and gas company’s stock valued at $18,823,000 after buying an additional 15,969 shares during the last quarter. Institutional investors and hedge funds own 48.86% of the company’s stock.

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.