Precision Drilling (NYSE:PDS) Stock Price Passes Above Two Hundred Day Moving Average – What’s Next?

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $57.11 and traded as high as $71.25. Precision Drilling shares last traded at $70.54, with a volume of 65,358 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Wall Street Zen downgraded Precision Drilling from a “buy” rating to a “hold” rating in a research report on Sunday, October 26th. TD Securities reaffirmed a “hold” rating on shares of Precision Drilling in a research report on Thursday, October 23rd. Royal Bank Of Canada increased their target price on shares of Precision Drilling from $110.00 to $117.00 and gave the stock an “outperform” rating in a research note on Friday, October 24th. Piper Sandler reissued an “overweight” rating and issued a $81.00 price target (up from $79.00) on shares of Precision Drilling in a research note on Thursday, December 18th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Precision Drilling in a research note on Friday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $99.00.

Precision Drilling Stock Down 0.3%

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 company has a market cap of $932.15 million, a PE ratio of 26.70 and a beta of 0.97. The business’s 50 day moving average is $63.31 and its 200-day moving average is $57.36.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings data on Wednesday, October 22nd. The oil and gas company reported ($0.37) 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 net margin of 3.17% and a return on equity of 3.44%. As a group, analysts predict that Precision Drilling Corporation will post 7.1 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership raised its position in shares of Precision Drilling by 275.5% during the 2nd 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. Aegis Financial Corp boosted its holdings in shares of Precision Drilling by 110.0% in the 3rd quarter. Aegis Financial Corp now owns 452,359 shares of the oil and gas company’s stock valued at $25,486,000 after buying an additional 236,963 shares in the last quarter. Acadian Asset Management LLC purchased a new position in shares of Precision Drilling in the 1st quarter valued at $6,813,000. Picton Mahoney Asset Management raised its stake in 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, Polar Asset Management Partners Inc. lifted its position in Precision Drilling by 200.0% in the first quarter. Polar Asset Management Partners Inc. now owns 108,000 shares of the oil and gas company’s stock valued at $5,026,000 after acquiring an additional 72,000 shares during the last quarter. 48.86% of the stock is owned by institutional investors and hedge funds.

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.