Precision Drilling (NYSE:PDS) Stock Passes Above 200-Day Moving Average – Here’s What Happened

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) shares crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $88.24 and traded as high as $88.76. Precision Drilling shares last traded at $88.50, with a volume of 126,065 shares.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Zacks Research downgraded Precision Drilling from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 1st. Wall Street Zen cut shares of Precision Drilling from a “buy” rating to a “hold” rating in a research report on Sunday, August 9th. BMO Capital Markets reissued an “outperform” rating on shares of Precision Drilling in a research note on Thursday, April 30th. TD Securities restated a “hold” rating on shares of Precision Drilling in a report on Friday, May 1st. Finally, Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Precision Drilling in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Precision Drilling currently has a consensus rating of “Moderate Buy” and a consensus price target of $122.33.

Precision Drilling Stock Performance

The stock has a 50-day moving average price of $81.84 and a 200 day moving average price of $88.31. The company has a quick ratio of 1.29, a current ratio of 1.46 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of -42.26 and a beta of 0.78.

Institutional Investors Weigh In On Precision Drilling

Several institutional investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio acquired a new position in shares of Precision Drilling during the second quarter worth $557,000. Plato Investment Management Ltd acquired a new stake in Precision Drilling in the second quarter valued at $190,000. Bank of America Corp DE lifted its holdings in 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 worth $11,287,000 after buying an additional 64,735 shares during the last quarter. Amundi lifted its holdings in Precision Drilling by 6.9% during the 1st quarter. Amundi now owns 3,095 shares of the oil and gas company’s stock worth $305,000 after buying an additional 201 shares during the last quarter. Finally, Lazard Asset Management LLC boosted 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 worth $2,499,000 after acquiring an additional 21,425 shares in the last quarter. 48.86% of the stock is owned by hedge funds and other institutional investors.

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.