Precision Drilling (TSE:PD) Stock Passes Above 50-Day Moving Average – Here’s What Happened

Precision Drilling Co. (TSE:PD) (NYSE:PDS) crossed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of C$114.57 and traded as high as C$125.30. Precision Drilling shares last traded at C$121.40, with a volume of 63,431 shares traded.

Analysts Set New Price Targets

Several research firms have issued reports on PD. Raymond James Financial lifted their target price on Precision Drilling from C$162.00 to C$165.00 and gave the company an “outperform” rating in a research note on Friday, May 1st. BMO Capital Markets increased their price target on shares of Precision Drilling from C$160.00 to C$165.00 in a research report on Thursday, April 30th. Canadian Imperial Bank of Commerce lowered their price target on shares of Precision Drilling from C$160.00 to C$155.00 in a report on Thursday, July 30th. National Bank Financial lifted their price objective on shares of Precision Drilling from C$140.00 to C$150.00 and gave the stock a “sector perform” rating in a research report on Friday, May 1st. Finally, TD reduced their price objective on shares of Precision Drilling from C$124.00 to C$116.00 and set a “hold” rating for the company in a research note on Thursday, July 30th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of C$148.00.

Precision Drilling Stock Performance

The business has a 50 day simple moving average of C$114.53 and a 200 day simple moving average of C$122.64. The company has a quick ratio of 1.36, a current ratio of 1.46 and a debt-to-equity ratio of 43.54. The company has a market capitalization of C$1.54 billion, a PE ratio of -50.91, a PEG ratio of -3.24 and a beta of 0.34.

Precision Drilling (TSE:PD) (NYSE:PDS) last issued its quarterly earnings results on Wednesday, July 29th. The company reported C($0.52) earnings per share for the quarter. Precision Drilling had a negative return on equity of 2.03% and a negative net margin of 1.71%.The business had revenue of C$452.80 million during the quarter.

Precision Drilling Company Profile

Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha¿ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen¿ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations.