Precision Drilling (NYSE:PDS) Rating Increased to Buy at Wall Street Zen

Precision Drilling (NYSE:PDS) (TSE:PD) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

A number of other equities analysts have also recently issued reports on PDS. Royal Bank Of Canada restated an “outperform” rating and set a $124.00 target price (up previously from $119.00) on shares of Precision Drilling in a report on Friday. Zacks Research raised shares of Precision Drilling from a “strong sell” rating to a “hold” rating in a research note on Friday, January 30th. Weiss Ratings restated a “hold (c-)” rating on shares of Precision Drilling in a report on Wednesday, January 28th. Piper Sandler reaffirmed an “overweight” rating and issued a $81.00 target price (up previously from $79.00) on shares of Precision Drilling in a research note on Thursday, December 18th. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Precision Drilling in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $102.50.

Precision Drilling Price Performance

PDS opened at $87.42 on Friday. The company has a fifty day moving average price of $74.94 and a two-hundred day moving average price of $63.50. The firm has a market capitalization of $1.13 billion, a PE ratio of -224.15 and a beta of 1.04. Precision Drilling has a 52 week low of $36.20 and a 52 week high of $91.99. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.42 and a current ratio of 1.58.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings results 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 4.06% and a net margin of 0.05%.The company had revenue of $349.37 million for the quarter, compared to the consensus estimate of $489.80 million. As a group, analysts anticipate that Precision Drilling will post 7.1 earnings per share for the current year.

Institutional Investors Weigh In On Precision Drilling

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership raised its position in Precision Drilling by 275.5% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 387,598 shares of the oil and gas company’s stock valued at $18,338,000 after buying an additional 284,384 shares during the last quarter. Aegis Financial Corp grew its stake in shares of Precision Drilling by 10.2% during the 2nd quarter. Aegis Financial Corp now owns 215,396 shares of the oil and gas company’s stock worth $10,182,000 after acquiring an additional 19,891 shares in the last quarter. Greatmark Investment Partners Inc. grew its stake in shares of Precision Drilling by 12.6% during the 2nd quarter. Greatmark Investment Partners Inc. now owns 119,604 shares of the oil and gas company’s stock worth $5,650,000 after acquiring an additional 13,415 shares in the last quarter. Quotient Wealth Partners LLC raised its holdings in shares of Precision Drilling by 41.0% in the second quarter. Quotient Wealth Partners LLC now owns 96,557 shares of the oil and gas company’s stock valued at $4,561,000 after purchasing an additional 28,093 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Precision Drilling in the third quarter worth $583,000. 48.86% of the stock is currently owned by institutional investors and hedge funds.

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.