Precision Drilling (NYSE:PDS) Reaches New 1-Year High – Should You Buy?

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $76.76 and last traded at $75.5440, with a volume of 10288 shares trading hands. The stock had previously closed at $73.85.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Royal Bank Of Canada upped their price objective on Precision Drilling from $110.00 to $117.00 and gave the stock an “outperform” rating in a report on Friday, October 24th. Atb Cap Markets upgraded Precision Drilling to a “strong-buy” rating in a research report on Thursday, October 30th. Wall Street Zen lowered Precision Drilling from a “buy” rating to a “hold” rating in a research note on Sunday, October 26th. Piper Sandler reissued an “overweight” rating and set a $81.00 price target (up from $79.00) on shares of Precision Drilling in a research note on Thursday, December 18th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Precision Drilling in a report on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $99.00.

Precision Drilling Stock Performance

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 business’s 50-day moving average is $67.20 and its 200-day moving average is $59.75. The company has a market capitalization of $977.15 million, a PE ratio of 28.09 and a beta of 1.00.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings data on Wednesday, October 22nd. The oil and gas company reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of $1.20 by ($1.57). Precision Drilling had a net margin of 3.17% and a return on equity of 3.44%. The firm had revenue of $331.90 million for the quarter, compared to the consensus estimate of $471.38 million. On average, research analysts anticipate that Precision Drilling Corporation will post 7.1 earnings per share for the current year.

Hedge Funds Weigh In On Precision Drilling

Several hedge funds and other institutional investors have recently bought and sold shares of PDS. JPMorgan Chase & Co. lifted its position in shares of Precision Drilling by 180.9% in the third quarter. JPMorgan Chase & Co. now owns 37,579 shares of the oil and gas company’s stock valued at $2,118,000 after acquiring an additional 24,203 shares in the last quarter. PharVision Advisers LLC purchased a new stake in Precision Drilling during the 3rd quarter valued at approximately $325,000. Verition Fund Management LLC purchased a new stake in Precision Drilling during the 3rd quarter valued at approximately $1,719,000. SIR Capital Management L.P. raised its position in shares of Precision Drilling by 367.3% during the third quarter. SIR Capital Management L.P. now owns 55,978 shares of the oil and gas company’s stock valued at $3,153,000 after buying an additional 44,000 shares during the last quarter. Finally, Quarry LP purchased a new position in shares of Precision Drilling in the third quarter worth $54,000. Institutional investors own 48.86% of the company’s stock.

About Precision Drilling

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.