Precision Drilling Corporation (NYSE:PDS) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) have been assigned a consensus rating of “Moderate Buy” from the seven ratings firms that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $99.00.

PDS has been the subject of several research reports. Wall Street Zen cut shares of Precision Drilling from a “buy” rating to a “hold” rating in a report on Sunday, October 26th. Piper Sandler reiterated an “overweight” rating and set a $81.00 target price (up from $79.00) on shares of Precision Drilling in a research note on Thursday, December 18th. TD Securities reissued a “hold” rating on shares of Precision Drilling in a report on Thursday, October 23rd. Zacks Research downgraded Precision Drilling from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 1st. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Precision Drilling in a report on Friday, October 31st.

Precision Drilling Price Performance

NYSE PDS opened at $75.80 on Friday. Precision Drilling has a one year low of $36.20 and a one year high of $77.05. The stock has a 50-day moving average of $67.94 and a 200 day moving average of $59.98. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.42 and a current ratio of 1.58. The company has a market capitalization of $980.08 million, a price-to-earnings ratio of 28.18 and a beta of 1.00.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its earnings results on Wednesday, October 22nd. The oil and gas company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by ($1.57). Precision Drilling had a net margin of 3.17% and a return on equity of 3.44%. The company had revenue of $331.90 million for the quarter, compared to the consensus estimate of $471.38 million. On average, sell-side analysts forecast that Precision Drilling will post 7.1 EPS for the current year.

Institutional Investors Weigh In On Precision Drilling

Hedge funds and other institutional investors have recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership raised its holdings in Precision Drilling by 275.5% in 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 purchasing an additional 284,384 shares during the period. Aegis Financial Corp increased its position 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 worth $10,182,000 after buying an additional 19,891 shares in the last quarter. Signaturefd LLC increased its position in Precision Drilling by 52.4% in the second quarter. Signaturefd LLC now owns 2,230 shares of the oil and gas company’s stock worth $105,000 after buying an additional 767 shares in the last quarter. Greatmark Investment Partners Inc. raised its stake in shares of Precision Drilling by 12.6% in the second quarter. Greatmark Investment Partners Inc. now owns 119,604 shares of the oil and gas company’s stock worth $5,650,000 after buying an additional 13,415 shares during the period. Finally, Quotient Wealth Partners LLC lifted its position in shares of Precision Drilling by 41.0% during the 2nd quarter. Quotient Wealth Partners LLC now owns 96,557 shares of the oil and gas company’s stock valued at $4,561,000 after buying an additional 28,093 shares in the last quarter. 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.