Precision Drilling (NYSE:PDS) Raised to “Buy” at Wall Street Zen

Precision Drilling (NYSE:PDS) (TSE:PD) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Saturday.

Several other brokerages have also recently weighed in on PDS. Royal Bank Of Canada reissued an “outperform” rating and set a $124.00 price objective (up from $119.00) on shares of Precision Drilling in a research note on Friday, February 13th. Piper Sandler reaffirmed 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. Loop Capital set a $122.00 target price on Precision Drilling in a report on Monday, March 2nd. BMO Capital Markets reissued an “outperform” rating on shares of Precision Drilling in a research report on Thursday, February 12th. Finally, TD Securities restated a “hold” rating on shares of Precision Drilling in a report on Thursday, February 12th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $117.00.

Precision Drilling Price Performance

PDS stock opened at $92.54 on Friday. Precision Drilling has a 52 week low of $36.20 and a 52 week high of $93.89. The firm has a market capitalization of $1.19 billion, a P/E ratio of -237.27 and a beta of 1.01. The company has a fifty day simple moving average of $82.61 and a two-hundred day simple moving average of $68.42. The company has a quick ratio of 1.46, a current ratio of 1.62 and a debt-to-equity ratio of 0.43.

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. State of Wyoming grew its stake in shares of Precision Drilling by 4.0% during the fourth quarter. State of Wyoming now owns 4,490 shares of the oil and gas company’s stock valued at $323,000 after buying an additional 173 shares during the last quarter. SIR Capital Management L.P. lifted its stake in shares of Precision Drilling by 0.4% during the 4th quarter. SIR Capital Management L.P. now owns 56,178 shares of the oil and gas company’s stock worth $4,031,000 after acquiring an additional 200 shares during the last quarter. US Bancorp DE lifted its stake in shares of Precision Drilling by 52.3% during the 3rd quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock worth $67,000 after acquiring an additional 408 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Precision Drilling by 5.3% during the 4th quarter. Geode Capital Management LLC now owns 8,853 shares of the oil and gas company’s stock valued at $632,000 after acquiring an additional 445 shares during the period. Finally, Creative Planning boosted its holdings in Precision Drilling by 6.2% during the 3rd quarter. Creative Planning now owns 8,503 shares of the oil and gas company’s stock valued at $479,000 after acquiring an additional 496 shares during the period. Hedge funds and other 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.