Precision Drilling (NYSE:PDS) Hits New 1-Year High – Here’s Why

Shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $78.18 and last traded at $77.9530, with a volume of 44426 shares trading hands. The stock had previously closed at $76.46.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PDS. Zacks Research cut Precision Drilling from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 1st. TD Securities restated a “hold” rating on shares of Precision Drilling in a research note on Thursday, October 23rd. Weiss Ratings reiterated a “hold (c-)” rating on shares of Precision Drilling in a research note on Friday, October 31st. Atb Cap Markets raised Precision Drilling to a “strong-buy” rating in a report on Thursday, October 30th. Finally, Royal Bank Of Canada lifted their price objective on Precision Drilling from $110.00 to $117.00 and gave the company an “outperform” rating in a report on Friday, October 24th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $99.00.

Precision Drilling Trading Down 0.1%

The company has a debt-to-equity ratio of 0.41, a current ratio of 1.58 and a quick ratio of 1.42. The company has a market capitalization of $1.02 billion, a P/E ratio of 29.30 and a beta of 1.00. The business’s 50-day moving average price is $69.52 and its two-hundred day moving average price is $60.81.

Hedge Funds Weigh In On Precision Drilling

Hedge funds have recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership grew its position in Precision Drilling by 275.5% in the second quarter. Arrowstreet Capital Limited Partnership now owns 387,598 shares of the oil and gas company’s stock valued at $18,338,000 after acquiring an additional 284,384 shares during the last quarter. Aegis Financial Corp boosted its holdings in Precision Drilling by 110.0% in the third quarter. Aegis Financial Corp now owns 452,359 shares of the oil and gas company’s stock valued at $25,486,000 after acquiring an additional 236,963 shares during the last quarter. Picton Mahoney Asset Management increased its position in shares of Precision Drilling by 100.0% during the third quarter. Picton Mahoney Asset Management now owns 245,981 shares of the oil and gas company’s stock worth $13,851,000 after buying an additional 122,974 shares during the period. Bank of America Corp DE grew its holdings in Precision Drilling by 147.5% during the 3rd quarter. Bank of America Corp DE now owns 100,176 shares of the oil and gas company’s stock worth $5,646,000 after acquiring an additional 59,706 shares during the period. Finally, Millennium Management LLC grew its stake in Precision Drilling by 97.5% during the third quarter. Millennium Management LLC now owns 118,891 shares of the oil and gas company’s stock worth $6,699,000 after purchasing an additional 58,680 shares during the period. Institutional investors 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.