Precision Drilling (TSE:PD) Stock Passes Above Fifty Day Moving Average – Here’s Why

Precision Drilling Co. (TSE:PD) (NYSE:PDS) shares crossed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of C$117.04 and traded as high as C$127.66. Precision Drilling shares last traded at C$124.27, with a volume of 43,823 shares traded.

Wall Street Analyst Weigh In

A number of research analysts have commented on PD shares. Canadian Imperial Bank of Commerce cut their target price on shares of Precision Drilling from C$160.00 to C$155.00 in a research report on Thursday, July 30th. TD dropped their target price on Precision Drilling from C$124.00 to C$116.00 and set a “hold” rating on the stock in a research report on Thursday, July 30th. Finally, ATB Cormark Capital Markets reduced their target price on shares of Precision Drilling from C$165.00 to C$160.00 and set an “outperform” rating for the company in a report on Thursday, July 30th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of C$148.00.

Precision Drilling Stock Performance

The company has a current ratio of 1.46, a quick ratio of 1.36 and a debt-to-equity ratio of 43.54. The company has a market cap of C$1.60 billion, a PE ratio of -52.83, a P/E/G ratio of -3.24 and a beta of 0.45. The firm’s 50-day simple moving average is C$117.66 and its two-hundred day simple moving average is C$123.19.

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