Precision Drilling (NYSE:PDS) Hits New 1-Year High – Here’s Why

Precision Drilling Corporation (NYSE:PDS) (TSE:PD)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $75.25 and last traded at $73.1060, with a volume of 30835 shares changing hands. The stock had previously closed at $73.68.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PDS. TD Securities restated a “hold” rating on shares of Precision Drilling in a report on Thursday, October 23rd. Royal Bank Of Canada lifted their price objective on Precision Drilling from $110.00 to $117.00 and gave the company an “outperform” rating in a report on Friday, October 24th. Atb Cap Markets raised shares of Precision Drilling to a “strong-buy” rating in a research report on Thursday, October 30th. Weiss Ratings reissued a “hold (c-)” rating on shares of Precision Drilling in a research report on Friday, October 31st. Finally, Zacks Research downgraded Precision Drilling from a “hold” rating to a “strong sell” rating in a report on Thursday, January 1st. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $99.00.

Precision Drilling Stock Down 0.0%

The stock has a market capitalization of $930.76 million, a price-to-earnings ratio of 26.66 and a beta of 1.00. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.58 and a quick ratio of 1.42. The business has a fifty day moving average of $64.35 and a 200 day moving average of $58.00.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PDS. National Bank of Canada FI increased its stake in shares of Precision Drilling by 0.6% during the third 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 boosted its holdings in Precision Drilling by 24.9% during 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 during the period. Picton Mahoney Asset Management boosted its stake in shares of Precision Drilling by 100.0% during 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 in the last quarter. Finally, Acadian Asset Management LLC purchased a new stake in Precision Drilling during the first quarter worth $6,813,000. 48.86% of the stock is owned by hedge funds and other institutional investors.

About Precision Drilling

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.