Precision Drilling Corporation (NYSE:PDS) Receives $99.00 Consensus Target Price from Brokerages

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) has earned a consensus rating of “Moderate Buy” from the seven ratings firms that are presently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $99.00.

PDS has been the subject of a number of recent analyst reports. Atb Cap Markets upgraded shares of Precision Drilling to a “strong-buy” rating in a research report on Thursday, October 30th. TD Securities reissued a “hold” rating on shares of Precision Drilling in a research note on Thursday, October 23rd. Weiss Ratings restated a “hold (c-)” rating on shares of Precision Drilling in a research report on Friday, October 31st. Wall Street Zen lowered Precision Drilling from a “buy” rating to a “hold” rating in a research note on Sunday, October 26th. Finally, Piper Sandler reiterated an “overweight” rating and set a $81.00 price target (up previously from $79.00) on shares of Precision Drilling in a research report on Thursday, December 18th.

Institutional Investors Weigh In On Precision Drilling

Several hedge funds have recently bought and sold shares of PDS. Russell Investments Group Ltd. increased its holdings in shares of Precision Drilling by 157.6% in the 1st quarter. Russell Investments Group Ltd. now owns 16,418 shares of the oil and gas company’s stock worth $763,000 after buying an additional 10,045 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in Precision Drilling by 275.5% in the second quarter. Arrowstreet Capital Limited Partnership now owns 387,598 shares of the oil and gas company’s stock worth $18,338,000 after acquiring an additional 284,384 shares in the last quarter. Trexquant Investment LP grew its position in Precision Drilling by 169.8% in the first quarter. Trexquant Investment LP now owns 49,144 shares of the oil and gas company’s stock worth $2,291,000 after acquiring an additional 30,931 shares in the last quarter. Aegis Financial Corp increased its stake in Precision Drilling by 10.2% in the second quarter. Aegis Financial Corp now owns 215,396 shares of the oil and gas company’s stock valued at $10,182,000 after acquiring an additional 19,891 shares during the last quarter. Finally, American Century Companies Inc. raised its position in Precision Drilling by 10.6% during the first quarter. American Century Companies Inc. now owns 122,598 shares of the oil and gas company’s stock valued at $5,699,000 after purchasing an additional 11,708 shares in the last quarter. 48.86% of the stock is currently owned by institutional investors.

Precision Drilling Stock Up 0.7%

Shares of NYSE PDS opened at $69.73 on Monday. 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 market cap of $905.10 million, a P/E ratio of 25.92 and a beta of 0.97. Precision Drilling has a 52 week low of $36.20 and a 52 week high of $71.77. The business has a 50-day simple moving average of $61.72 and a two-hundred day simple moving average of $56.63.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings results on Wednesday, October 22nd. The oil and gas company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.20 by ($1.57). The firm had revenue of $331.90 million during 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%. Research analysts anticipate that Precision Drilling will post 7.1 earnings per share for the current fiscal year.

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.