Precision Drilling (NYSE:PDS) Sets New 12-Month High – What’s Next?

Precision Drilling Corporation (NYSE:PDS) (TSE:PD)’s stock price hit a new 52-week high on Monday . The stock traded as high as $88.32 and last traded at $88.0260, with a volume of 2420 shares trading hands. The stock had previously closed at $83.03.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PDS. TD Securities restated a “hold” rating on shares of Precision Drilling in a research report on Thursday, October 23rd. Wall Street Zen lowered shares of Precision Drilling from a “buy” rating to a “hold” rating in a research report on Sunday, October 26th. ATB Capital upgraded shares of Precision Drilling to a “strong-buy” rating in a report on Thursday, October 30th. Royal Bank Of Canada boosted their price objective on shares of Precision Drilling from $110.00 to $117.00 and gave the stock an “outperform” rating in a report on Friday, October 24th. Finally, Piper Sandler restated an “overweight” rating and set a $81.00 target price (up from $79.00) on shares of Precision Drilling in a research report on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $99.00.

Precision Drilling Price 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 stock has a market capitalization of $1.14 billion, a PE ratio of 32.73 and a beta of 1.04. The company’s fifty day simple moving average is $72.79 and its two-hundred day simple moving average is $62.44.

Hedge Funds Weigh In On Precision Drilling

Several institutional investors and hedge funds have recently modified their holdings of PDS. Cubist Systematic Strategies LLC acquired a new stake in shares of Precision Drilling in the first quarter worth approximately $45,000. Goldman Sachs Group Inc. boosted its holdings in shares of Precision Drilling by 28.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 138,896 shares of the oil and gas company’s stock valued at $6,475,000 after purchasing an additional 30,690 shares during the last quarter. Quotient Wealth Partners LLC grew its stake in shares of Precision Drilling by 41.0% during the 2nd quarter. Quotient Wealth Partners LLC now owns 96,557 shares of the oil and gas company’s stock valued at $4,561,000 after buying an additional 28,093 shares during the period. Greatmark Investment Partners Inc. increased its holdings in shares of Precision Drilling by 12.6% during the 2nd quarter. Greatmark Investment Partners Inc. now owns 119,604 shares of the oil and gas company’s stock worth $5,650,000 after buying an additional 13,415 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Precision Drilling by 20.3% in the 2nd quarter. Geode Capital Management LLC now owns 65,512 shares of the oil and gas company’s stock worth $3,095,000 after buying an additional 11,056 shares during the period. Hedge funds and other 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.