Precision Drilling (NYSE:PDS) Reaches New 52-Week High – Should You Buy?

Precision Drilling Corporation (NYSE:PDS) (TSE:PD)’s stock price hit a new 52-week high on Monday . The stock traded as high as $94.55 and last traded at $94.7090, with a volume of 21204 shares changing hands. The stock had previously closed at $92.42.

Wall Street Analysts Forecast Growth

PDS has been the subject of a number of recent research reports. BMO Capital Markets restated an “outperform” rating on shares of Precision Drilling in a research note on Thursday, February 12th. Loop Capital set a $122.00 target price on Precision Drilling in a report on Monday, March 2nd. Weiss Ratings lowered Precision Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research note on Thursday. Piper Sandler reissued an “overweight” rating and issued a $105.00 price objective (up from $81.00) on shares of Precision Drilling in a research note on Tuesday, February 17th. Finally, Wall Street Zen upgraded Precision Drilling from a “hold” rating to a “buy” rating in a research note on Saturday. One 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 issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $117.00.

Precision Drilling Stock Performance

The stock has a market cap of $1.21 billion, a P/E ratio of -239.56 and a beta of 1.01. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.62 and a quick ratio of 1.46. The stock has a 50-day simple moving average of $82.61 and a 200-day simple moving average of $68.42.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings results on Wednesday, February 11th. The oil and gas company reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.26. Precision Drilling had a return on equity of 4.12% and a net margin of 0.05%.The company had revenue of $349.37 million for the quarter, compared to analysts’ expectations of $489.80 million. Research analysts forecast that Precision Drilling Corporation will post 7.1 earnings per share for the current year.

Institutional Investors Weigh In On Precision Drilling

Institutional investors and hedge funds have recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership boosted its holdings in Precision Drilling by 275.5% in the second quarter. Arrowstreet Capital Limited Partnership now owns 387,598 shares of the oil and gas company’s stock valued at $18,338,000 after acquiring an additional 284,384 shares during the last quarter. Aegis Financial Corp raised its stake 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 during the last quarter. Picton Mahoney Asset Management lifted its holdings in Precision Drilling by 100.0% in the third quarter. Picton Mahoney Asset Management now owns 245,981 shares of the oil and gas company’s stock valued at $13,851,000 after buying an additional 122,974 shares during the period. Beirne Wealth Consulting Services LLC bought a new position in shares of Precision Drilling in the 3rd quarter worth about $325,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Precision Drilling in the 3rd quarter valued at about $583,000. 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.