Precision Drilling Corporation (NYSE:PDS) Receives $99.00 Average Price Target from Analysts

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) has received a consensus rating of “Moderate Buy” from the eight analysts that are presently covering the company, Marketbeat.com reports. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokers that have covered the stock in the last year is $102.50.

Several equities research analysts have weighed in on PDS shares. Wall Street Zen raised Precision Drilling from a “hold” rating to a “buy” rating in a research note on Saturday. Piper Sandler reissued an “overweight” rating and set a $81.00 target price (up previously from $79.00) on shares of Precision Drilling in a research report on Thursday, December 18th. Royal Bank Of Canada restated an “outperform” rating and issued a $124.00 price target (up from $119.00) on shares of Precision Drilling in a research report on Friday. Zacks Research upgraded shares of Precision Drilling from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th. Finally, TD Securities reissued a “hold” rating on shares of Precision Drilling in a research note on Thursday.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PDS. National Bank of Canada FI boosted its holdings in Precision Drilling by 0.6% during the 3rd quarter. National Bank of Canada FI now owns 735,460 shares of the oil and gas company’s stock valued at $41,265,000 after acquiring an additional 4,236 shares during the period. Aegis Financial Corp lifted its position in shares of Precision Drilling by 11.4% during the fourth quarter. Aegis Financial Corp now owns 504,059 shares of the oil and gas company’s stock worth $36,221,000 after purchasing an additional 51,700 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Precision Drilling by 24.9% during the third quarter. Arrowstreet Capital Limited Partnership now owns 483,937 shares of the oil and gas company’s stock valued at $27,262,000 after purchasing an additional 96,339 shares during the period. Hillsdale Investment Management Inc. bought a new position in shares of Precision Drilling in the fourth quarter worth about $20,979,000. Finally, Picton Mahoney Asset Management grew its holdings in shares of Precision Drilling by 6.5% in the fourth quarter. Picton Mahoney Asset Management now owns 261,950 shares of the oil and gas company’s stock worth $18,823,000 after purchasing an additional 15,969 shares during the last quarter. Institutional investors own 48.86% of the company’s stock.

Precision Drilling Price Performance

Precision Drilling stock opened at $87.42 on Tuesday. Precision Drilling has a 52-week low of $36.20 and a 52-week high of $91.99. The company has a quick ratio of 1.46, a current ratio of 1.62 and a debt-to-equity ratio of 0.43. The firm’s fifty day moving average is $75.33 and its 200 day moving average is $63.85. The company has a market cap of $1.13 billion, a price-to-earnings ratio of -224.15 and a beta of 1.04.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted 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. The firm had revenue of $349.37 million for the quarter, compared to the consensus estimate of $489.80 million. Precision Drilling had a net margin of 0.05% and a return on equity of 4.12%. Sell-side analysts forecast that Precision Drilling will post 7.1 EPS for the current fiscal year.

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.