Precision Drilling (NYSE:PDS) Reaches New 12-Month High – Time to Buy?

Shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) reached a new 52-week high on Tuesday . The stock traded as high as $71.82 and last traded at $71.65, with a volume of 5335 shares traded. The stock had previously closed at $70.62.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PDS. Piper Sandler reaffirmed an “overweight” rating and set a $81.00 price objective (up previously from $79.00) on shares of Precision Drilling in a research report on Thursday, December 18th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Precision Drilling in a research note on Friday, October 31st. Royal Bank Of Canada raised their price objective on Precision Drilling from $110.00 to $117.00 and gave the company an “outperform” rating in a research note on Friday, October 24th. Wall Street Zen downgraded shares of Precision Drilling from a “buy” rating to a “hold” rating in a report on Sunday, October 26th. Finally, Atb Cap Markets raised shares of Precision Drilling to a “strong-buy” rating in a research report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $99.00.

Precision Drilling Price Performance

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 stock has a market cap of $935.60 million, a PE ratio of 26.80 and a beta of 0.97. The business has a 50-day moving average price of $62.65 and a 200 day moving average price of $57.11.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its earnings results on Wednesday, October 22nd. The oil and gas company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of $1.20 by ($1.57). Precision Drilling had a return on equity of 3.44% and a net margin of 3.17%.The business had revenue of $331.90 million during the quarter, compared to analysts’ expectations of $471.38 million. As a group, research analysts forecast that Precision Drilling Corporation will post 7.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Precision Drilling

A number of large investors have recently modified their holdings of 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 acquiring an additional 4,236 shares during the period. Arrowstreet Capital Limited Partnership raised its position in shares of Precision Drilling by 24.9% in the third quarter. Arrowstreet Capital Limited Partnership now owns 483,937 shares of the oil and gas company’s stock worth $27,262,000 after buying an additional 96,339 shares in the last quarter. Aegis Financial Corp grew its position in Precision Drilling by 110.0% during the third quarter. Aegis Financial Corp now owns 452,359 shares of the oil and gas company’s stock worth $25,486,000 after buying an additional 236,963 shares in the last quarter. Picton Mahoney Asset Management increased its stake in Precision Drilling by 100.0% in the 3rd quarter. Picton Mahoney Asset Management now owns 245,981 shares of the oil and gas company’s stock worth $13,851,000 after acquiring an additional 122,974 shares during the last quarter. Finally, Acadian Asset Management LLC purchased a new stake in shares of Precision Drilling in the 1st quarter valued at about $6,813,000. 48.86% of the stock is currently owned by institutional investors.

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.