Precision Drilling (NYSE:PDS) Hits New 12-Month High – Here’s Why

Precision Drilling Corporation (NYSE:PDS) (TSE:PD)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $92.50 and last traded at $92.48, with a volume of 31702 shares changing hands. The stock had previously closed at $89.70.

Analyst Ratings Changes

Several brokerages have recently commented on PDS. Zacks Research upgraded Precision Drilling from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th. Loop Capital set a $122.00 price target on Precision Drilling in a research note on Monday, March 2nd. BMO Capital Markets reissued an “outperform” rating on shares of Precision Drilling in a research note on Thursday, February 12th. Piper Sandler reiterated an “overweight” rating and issued a $105.00 target price (up from $81.00) on shares of Precision Drilling in a report on Tuesday, February 17th. Finally, TD Securities reiterated a “hold” rating on shares of Precision Drilling in a report on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Precision Drilling currently has a consensus rating of “Moderate Buy” and an average target price of $117.00.

Precision Drilling Stock Performance

The company has a market capitalization of $1.21 billion, a price-to-earnings ratio of -240.53 and a beta of 1.01. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.62 and a quick ratio of 1.46. The stock has a 50-day moving average price of $80.58 and a 200-day moving average price of $67.15.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its quarterly earnings results on Wednesday, February 11th. The oil and gas company reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.26. The company had revenue of $349.37 million for the quarter, compared to analyst estimates of $489.80 million. Precision Drilling had a return on equity of 4.12% and a net margin of 0.05%. As a group, analysts forecast that Precision Drilling Corporation will post 7.1 earnings per share for the current year.

Hedge Funds Weigh In On Precision Drilling

A number of hedge funds have recently added to or reduced their stakes in the stock. Wolverine Asset Management LLC boosted its stake in Precision Drilling by 112.9% in the fourth quarter. Wolverine Asset Management LLC now owns 802 shares of the oil and gas company’s stock valued at $58,000 after acquiring an additional 7,000 shares during the last quarter. Quarry LP purchased a new position in shares of Precision Drilling during the 3rd quarter valued at $54,000. Cubist Systematic Strategies LLC purchased a new position in shares of Precision Drilling during the 1st quarter valued at $45,000. US Bancorp DE raised its stake in Precision Drilling by 52.3% in the 3rd quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock valued at $67,000 after acquiring an additional 408 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Precision Drilling in the 2nd quarter valued at about $57,000. Institutional investors and hedge funds 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.