Precision Drilling (NYSE:PDS) Given New $140.00 Price Target at Royal Bank Of Canada

Precision Drilling (NYSE:PDS) (TSE:PD) had its price objective raised by Royal Bank Of Canada from $124.00 to $140.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has an outperform rating on the oil and gas company’s stock.

PDS has been the subject of a number of other reports. TD Securities reissued a “hold” rating on shares of Precision Drilling in a research note on Thursday, February 12th. Zacks Research upgraded Precision Drilling from a “strong sell” rating to a “hold” rating in a report on Friday, January 30th. Piper Sandler reiterated an “overweight” rating and set a $105.00 target price (up from $81.00) on shares of Precision Drilling in a report on Tuesday, February 17th. Wall Street Zen downgraded shares of Precision Drilling from a “buy” rating to a “hold” rating in a research report on Sunday. Finally, BMO Capital Markets restated an “outperform” rating on shares of Precision Drilling in a report on Thursday, February 12th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Precision Drilling has a consensus rating of “Moderate Buy” and an average target price of $122.33.

Precision Drilling Price Performance

Shares of Precision Drilling stock opened at $100.14 on Monday. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of -256.75 and a beta of 1.01. The stock has a 50 day moving average price of $85.64 and a 200-day moving average price of $70.06. Precision Drilling has a one year low of $36.20 and a one year high of $101.50. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.46 and a current ratio of 1.62.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings data on Wednesday, February 11th. The oil and gas company reported $1.37 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 company had revenue of $349.37 million during the quarter, compared to analyst estimates of $489.80 million. Equities analysts expect that Precision Drilling will post 7.1 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PDS. Cubist Systematic Strategies LLC purchased a new stake in shares of Precision Drilling during the first quarter valued at $45,000. Quarry LP acquired a new stake in Precision Drilling during the 3rd quarter worth about $54,000. Raymond James Financial Inc. purchased a new stake in Precision Drilling during the 2nd quarter valued at about $57,000. Wolverine Asset Management LLC grew its stake in Precision Drilling by 112.9% during the 4th quarter. Wolverine Asset Management LLC now owns 802 shares of the oil and gas company’s stock valued at $58,000 after purchasing an additional 7,000 shares during the last quarter. Finally, US Bancorp DE increased its holdings in shares of Precision Drilling by 52.3% in the third quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock valued at $67,000 after purchasing an additional 408 shares during the period. 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.