Brokerages Set Precision Drilling Corporation (NYSE:PDS) Price Target at $99.00

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) has been given an average recommendation of “Moderate Buy” by the seven brokerages that are currently covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $99.00.

A number of analysts have weighed in on the stock. Atb Cap Markets upgraded shares of Precision Drilling to a “strong-buy” rating in a research report on Thursday, October 30th. Piper Sandler reiterated an “overweight” rating and issued a $81.00 price target (up from $79.00) on shares of Precision Drilling in a research note on Thursday, December 18th. Zacks Research raised Precision Drilling from a “strong sell” rating to a “hold” rating in a report on Thursday, November 27th. Royal Bank Of Canada upped their target price on Precision Drilling from $110.00 to $117.00 and gave the stock an “outperform” rating in a report on Friday, October 24th. Finally, TD Securities reiterated a “hold” rating on shares of Precision Drilling in a research report on Thursday, October 23rd.

Precision Drilling Stock Performance

Precision Drilling stock opened at $69.39 on Monday. The company has a quick ratio of 1.42, a current ratio of 1.58 and a debt-to-equity ratio of 0.41. The stock has a market cap of $900.70 million, a PE ratio of 25.80 and a beta of 0.97. Precision Drilling has a 12-month low of $36.20 and a 12-month high of $71.77. The business’s 50-day moving average price is $62.33 and its two-hundred day moving average price is $56.86.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings results on Wednesday, October 22nd. The oil and gas company reported ($0.37) earnings per share 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 analyst estimates of $471.38 million. Precision Drilling had a net margin of 3.17% and a return on equity of 3.44%. As a group, analysts expect that Precision Drilling will post 7.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Precision Drilling

Hedge funds have recently added to or reduced their stakes in the business. PharVision Advisers LLC bought a new position in shares of Precision Drilling during the third quarter valued at $325,000. Verition Fund Management LLC acquired a new stake in Precision Drilling in the third quarter valued at $1,719,000. SIR Capital Management L.P. increased its holdings in Precision Drilling by 367.3% in the third quarter. SIR Capital Management L.P. now owns 55,978 shares of the oil and gas company’s stock valued at $3,153,000 after purchasing an additional 44,000 shares during the period. Quarry LP bought a new position in Precision Drilling during the 3rd quarter worth $54,000. Finally, National Bank of Canada FI lifted 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 buying an additional 4,236 shares during the period. 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.