Precision Drilling (NYSE:PDS) Reaches New 12-Month High – Here’s What Happened

by · The Cerbat Gem

Shares of Precision Drilling Corporation (NYSE:PDS – Get Free Report) (TSE:PD) hit a new 52-week high during trading on Thursday . The company traded as high as $67.35 and last traded at $67.4090, with a volume of 32677 shares changing hands. The stock had previously closed at $66.69.

Analyst Ratings Changes

A number of analysts have recently weighed in on PDS shares. Atb Cap Markets raised shares of Precision Drilling to a “strong-buy” rating in a research report on Thursday, October 30th. Weiss Ratings restated a “hold (c-)” rating on shares of Precision Drilling in a report on Friday, October 31st. Piper Sandler raised their target price on shares of Precision Drilling from $74.00 to $79.00 and gave the company an “overweight” rating in a research note on Tuesday, October 28th. Zacks Research upgraded Precision Drilling from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 27th. Finally, Wall Street Zen cut Precision Drilling from a “buy” rating to a “hold” rating in a research note on Sunday, October 26th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $98.00.

View Our Latest Research Report on PDS

Precision Drilling Price Performance

The stock has a market capitalization of $882.43 million, a PE ratio of 25.02 and a beta of 0.97. The company has a current ratio of 1.58, a quick ratio of 1.42 and a debt-to-equity ratio of 0.41. The firm has a 50 day moving average price of $58.04 and a 200 day moving average price of $54.00.

Precision Drilling (NYSE:PDS – Get Free Report) (TSE:PD) last issued its quarterly earnings results on Wednesday, October 22nd. The oil and gas company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of $1.20 by ($1.57). The company had revenue of $331.90 million during the quarter, compared to analysts’ expectations of $471.38 million. Precision Drilling had a return on equity of 3.44% and a net margin of 3.17%. Research analysts anticipate that Precision Drilling Corporation will post 7.1 earnings per share for the current year.

Hedge Funds Weigh In On Precision Drilling

A number of hedge funds have recently made changes to their positions in the business. Cubist Systematic Strategies LLC bought a new stake in Precision Drilling during the 1st quarter valued at approximately $45,000. Quarry LP purchased a new position in shares of Precision Drilling in the third quarter worth $54,000. Raymond James Financial Inc. bought a new position in shares of Precision Drilling during the second quarter worth $57,000. US Bancorp DE grew its stake in Precision Drilling by 52.3% during the third quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock valued at $67,000 after acquiring an additional 408 shares in the last quarter. Finally, Signaturefd LLC increased its holdings in Precision Drilling by 52.4% in the 2nd quarter. Signaturefd LLC now owns 2,230 shares of the oil and gas company’s stock valued at $105,000 after acquiring an additional 767 shares during the last quarter. Institutional investors own 48.86% of the company’s stock.

Precision Drilling Company Profile

(Get Free Report)

Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates through Contract Drilling Services and Completion and Production Services segments.

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