Precision Drilling (TSE:PD) Shares Cross Below 200 Day Moving Average – Here’s Why

Shares of Precision Drilling Co. (TSE:PD) (NYSE:PDS) passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$121.90 and traded as low as C$115.97. Precision Drilling shares last traded at C$117.30, with a volume of 60,116 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PD. TD reduced their price objective on Precision Drilling from C$124.00 to C$116.00 and set a “hold” rating on the stock in a research note on Thursday, July 30th. National Bank Financial boosted their target price on shares of Precision Drilling from C$140.00 to C$150.00 and gave the company a “sector perform” rating in a research note on Friday, May 1st. Canadian Imperial Bank of Commerce dropped their target price on shares of Precision Drilling from C$160.00 to C$155.00 in a report on Thursday, July 30th. BMO Capital Markets raised their price target on shares of Precision Drilling from C$160.00 to C$165.00 in a research report on Thursday, April 30th. Finally, Raymond James Financial lifted their price target on shares of Precision Drilling from C$162.00 to C$165.00 and gave the company an “outperform” rating in a report on Friday, May 1st. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Precision Drilling has a consensus rating of “Moderate Buy” and a consensus price target of C$148.00.

Precision Drilling Stock Up 1.7%

The firm has a market cap of C$1.51 billion, a price-to-earnings ratio of -49.70, a price-to-earnings-growth ratio of -3.24 and a beta of 0.34. The company has a current ratio of 1.46, a quick ratio of 1.36 and a debt-to-equity ratio of 43.54. The stock has a 50-day moving average of C$115.71 and a 200-day moving average of C$121.90.

Precision Drilling (TSE:PD) (NYSE:PDS) last issued its quarterly earnings data on Wednesday, July 29th. The company reported C($0.52) EPS for the quarter. Precision Drilling had a negative return on equity of 2.03% and a negative net margin of 1.71%.The company had revenue of C$452.80 million for the quarter.

Precision Drilling Company Profile

Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha¿ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen¿ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations.