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

Shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $81.73 and last traded at $81.07, with a volume of 16196 shares trading hands. The stock had previously closed at $79.45.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on PDS shares. Zacks Research raised Precision Drilling from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th. TD Securities restated a “hold” rating on shares of Precision Drilling in a report on Thursday, October 23rd. Wall Street Zen lowered shares of Precision Drilling from a “buy” rating to a “hold” rating in a report on Sunday, October 26th. Weiss Ratings restated a “hold (c-)” rating on shares of Precision Drilling in a research note on Wednesday, January 28th. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $99.00.

Precision Drilling Price Performance

The firm has a market capitalization of $1.07 billion, a price-to-earnings ratio of 30.85 and a beta of 1.04. The stock’s fifty day moving average price is $71.83 and its two-hundred day moving average price is $61.88. The company has a current ratio of 1.58, a quick ratio of 1.42 and a debt-to-equity ratio of 0.41.

Institutional Investors Weigh In On Precision Drilling

Several hedge funds and other institutional investors have recently made changes to their positions in PDS. Cubist Systematic Strategies LLC acquired a new position in Precision Drilling in the first quarter valued at approximately $45,000. Goldman Sachs Group Inc. lifted its position in shares of Precision Drilling by 28.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 138,896 shares of the oil and gas company’s stock worth $6,475,000 after buying an additional 30,690 shares during the last quarter. Quotient Wealth Partners LLC boosted its holdings in shares of Precision Drilling by 41.0% in the 2nd quarter. Quotient Wealth Partners LLC now owns 96,557 shares of the oil and gas company’s stock valued at $4,561,000 after buying an additional 28,093 shares in the last quarter. Greatmark Investment Partners Inc. grew its position in shares of Precision Drilling by 12.6% in the 2nd quarter. Greatmark Investment Partners Inc. now owns 119,604 shares of the oil and gas company’s stock valued at $5,650,000 after buying an additional 13,415 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Precision Drilling by 20.3% in the second quarter. Geode Capital Management LLC now owns 65,512 shares of the oil and gas company’s stock valued at $3,095,000 after acquiring an additional 11,056 shares during the last quarter. Institutional investors and hedge funds own 48.86% of the company’s stock.

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.