Analysts Set Precision Drilling Corporation (NYSE:PDS) Target Price at $99.00

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) has received an average recommendation of “Moderate Buy” from the eight research firms that are presently covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $102.50.

Several analysts recently commented on the company. Wall Street Zen raised Precision Drilling from a “hold” rating to a “buy” rating in a report on Saturday. BMO Capital Markets restated an “outperform” rating on shares of Precision Drilling in a research note on Thursday. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Precision Drilling in a research report on Wednesday, January 28th. Zacks Research raised shares of Precision Drilling from a “strong sell” rating to a “hold” rating in a report on Friday, January 30th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $81.00 target price (up from $79.00) on shares of Precision Drilling in a report on Thursday, December 18th.

Precision Drilling Stock Performance

Shares of PDS stock opened at $87.42 on Tuesday. The company has a quick ratio of 1.42, a current ratio of 1.58 and a debt-to-equity ratio of 0.41. The company has a 50 day moving average price of $74.94 and a 200-day moving average price of $63.58. Precision Drilling has a 52 week low of $36.20 and a 52 week high of $91.99. The firm has a market capitalization of $1.13 billion, a PE ratio of -224.15 and a beta of 1.04.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its earnings results on Wednesday, February 11th. The oil and gas company reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.26. Precision Drilling had a net margin of 0.05% and a return on equity of 4.06%. The company had revenue of $349.37 million for the quarter, compared to analysts’ expectations of $489.80 million. As a group, equities research analysts expect that Precision Drilling will post 7.1 earnings per share for the current year.

Institutional Trading of Precision Drilling

Several hedge funds have recently bought and sold shares of the stock. National Bank of Canada FI raised its stake in shares of Precision Drilling by 0.6% in 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 buying an additional 4,236 shares during the period. Aegis Financial Corp increased its holdings in Precision Drilling by 11.4% in the 4th quarter. Aegis Financial Corp now owns 504,059 shares of the oil and gas company’s stock worth $36,221,000 after acquiring an additional 51,700 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Precision Drilling by 24.9% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 483,937 shares of the oil and gas company’s stock worth $27,262,000 after acquiring an additional 96,339 shares during the period. Hillsdale Investment Management Inc. purchased a new position in Precision Drilling during the fourth quarter valued at approximately $20,979,000. Finally, Picton Mahoney Asset Management boosted its position in shares of Precision Drilling by 6.5% in the fourth quarter. Picton Mahoney Asset Management now owns 261,950 shares of the oil and gas company’s stock worth $18,823,000 after purchasing an additional 15,969 shares during the period. Institutional investors 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.