Analysts Set Precision Drilling Corporation (NYSE:PDS) PT at $122.33

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) has earned an average recommendation of “Moderate Buy” from the eight ratings firms that are currently covering the company, Marketbeat Ratings reports. Three investment 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 1-year target price among analysts that have covered the stock in the last year is $122.3333.

PDS has been the subject of a number of recent research reports. Royal Bank Of Canada lifted their price objective on Precision Drilling from $124.00 to $140.00 and gave the company an “outperform” rating in a research note on Monday, March 23rd. TD Securities reiterated a “hold” rating on shares of Precision Drilling in a research note on Friday, May 1st. Wall Street Zen lowered Precision Drilling from a “buy” rating to a “hold” rating in a research note on Sunday, March 22nd. BMO Capital Markets reiterated an “outperform” rating on shares of Precision Drilling in a research note on Thursday, April 30th. Finally, Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Precision Drilling in a research note on Friday, May 1st.

Hedge Funds Weigh In On Precision Drilling

A number of institutional investors have recently modified their holdings of the stock. Bank of America Corp DE grew its position in shares of Precision Drilling by 129.5% during the 1st quarter. Bank of America Corp DE now owns 114,706 shares of the oil and gas company’s stock valued at $11,287,000 after acquiring an additional 64,735 shares during the period. Amundi grew its position in shares of Precision Drilling by 6.9% during the 1st quarter. Amundi now owns 3,095 shares of the oil and gas company’s stock valued at $305,000 after acquiring an additional 201 shares during the period. Lazard Asset Management LLC grew its position in shares of Precision Drilling by 540.1% during the 1st quarter. Lazard Asset Management LLC now owns 25,392 shares of the oil and gas company’s stock valued at $2,499,000 after acquiring an additional 21,425 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of Precision Drilling by 24.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 373,936 shares of the oil and gas company’s stock valued at $36,803,000 after acquiring an additional 73,084 shares during the period. Finally, Group One Trading LLC acquired a new stake in shares of Precision Drilling during the 1st quarter valued at about $81,000. Hedge funds and other institutional investors own 48.86% of the company’s stock.

Precision Drilling Stock Performance

Shares of PDS stock opened at $83.49 on Monday. The firm has a market capitalization of $1.08 billion, a price-to-earnings ratio of -88.81 and a beta of 0.76. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.70 and a quick ratio of 1.52. The business has a fifty day moving average of $92.52 and a 200 day moving average of $85.52. Precision Drilling has a 1 year low of $45.97 and a 1 year high of $103.80.

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.