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

Precision Drilling Corporation (NYSE:PDS) (TSE:PD)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $92.40 and last traded at $91.1750, with a volume of 83849 shares traded. The stock had previously closed at $89.08.

Analyst Ratings Changes

A number of research firms have weighed in on PDS. BMO Capital Markets reaffirmed an “outperform” rating on shares of Precision Drilling in a report on Thursday, February 12th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Precision Drilling in a research report on Wednesday, January 28th. Wall Street Zen raised shares of Precision Drilling from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. ATB Cormark Capital Markets upgraded shares of Precision Drilling to a “strong-buy” rating in a research report on Thursday, October 30th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $124.00 price objective (up from $119.00) on shares of Precision Drilling in a report on Friday, February 13th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Precision Drilling presently has a consensus rating of “Moderate Buy” and a consensus target price of $114.50.

Precision Drilling Stock Performance

The company has a market cap of $1.16 billion, a PE ratio of -229.49 and a beta of 1.04. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.46 and a current ratio of 1.62. The firm’s 50 day moving average is $76.04 and its 200-day moving average is $64.26.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its earnings results on Wednesday, February 11th. The oil and gas company reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.26. Precision Drilling had a net margin of 0.05% and a return on equity of 4.12%. The business had revenue of $349.37 million for the quarter, compared to analyst estimates of $489.80 million. On average, research analysts anticipate that Precision Drilling Corporation will post 7.1 earnings per share for the current fiscal year.

Institutional Trading of Precision Drilling

Hedge funds have recently made changes to their positions in the company. Cubist Systematic Strategies LLC purchased a new stake in Precision Drilling in the first quarter valued at $45,000. Quarry LP purchased a new stake in Precision Drilling in the 3rd quarter valued at about $54,000. Raymond James Financial Inc. acquired a new position in Precision Drilling in the second quarter valued at about $57,000. Wolverine Asset Management LLC boosted its stake in Precision Drilling by 112.9% during the fourth quarter. Wolverine Asset Management LLC now owns 802 shares of the oil and gas company’s stock worth $58,000 after buying an additional 7,000 shares during the period. Finally, US Bancorp DE boosted its stake in Precision Drilling by 52.3% during the third quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock worth $67,000 after buying an additional 408 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.