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

Precision Drilling Corporation (NYSE:PDS) (TSE:PD)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $92.50 and last traded at $92.48, with a volume of 31702 shares traded. The stock had previously closed at $89.70.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PDS. Piper Sandler reaffirmed an “overweight” rating and issued a $105.00 target price (up from $81.00) on shares of Precision Drilling in a report on Tuesday, February 17th. TD Securities reaffirmed a “hold” rating on shares of Precision Drilling in a research report on Thursday, February 12th. BMO Capital Markets reissued an “outperform” rating on shares of Precision Drilling in a report on Thursday, February 12th. Weiss Ratings restated a “hold (c-)” rating on shares of Precision Drilling in a research note on Wednesday, January 28th. Finally, Zacks Research raised shares of Precision Drilling from a “strong sell” rating to a “hold” rating in a report on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Precision Drilling has a consensus rating of “Moderate Buy” and an average price target of $117.00.

Precision Drilling Stock Up 4.6%

The company’s 50-day moving average price is $80.58 and its 200 day moving average price is $67.15. 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 stock has a market cap of $1.21 billion, a PE ratio of -240.53 and a beta of 1.01.

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Cubist Systematic Strategies LLC purchased a new stake in Precision Drilling in the 1st quarter worth approximately $45,000. Quarry LP purchased a new position in shares of Precision Drilling during the 3rd quarter valued at $54,000. Raymond James Financial Inc. bought a new position in Precision Drilling in the 2nd quarter worth $57,000. Wolverine Asset Management LLC increased its stake in Precision Drilling by 112.9% in the 4th 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 in the last quarter. Finally, US Bancorp DE raised its holdings 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 valued at $67,000 after acquiring an additional 408 shares during the period. 48.86% of the stock is owned by hedge funds and other institutional investors.

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.