Precision Drilling (NYSE:PDS) Hits New 52-Week High – Should You Buy?

Shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $88.32 and last traded at $88.0260, with a volume of 2420 shares changing hands. The stock had previously closed at $83.03.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. 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 research note on Friday, October 24th. Weiss Ratings restated a “hold (c-)” rating on shares of Precision Drilling in a report on Wednesday, January 28th. ATB Capital raised shares of Precision Drilling to a “strong-buy” rating in a research report on Thursday, October 30th. Piper Sandler reiterated an “overweight” rating and set a $81.00 price objective (up from $79.00) on shares of Precision Drilling in a research note on Thursday, December 18th. Finally, Wall Street Zen downgraded shares of Precision Drilling from a “buy” rating to a “hold” rating in a research note on Sunday, October 26th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $99.00.

Precision Drilling Price Performance

The business’s 50 day moving average price is $72.79 and its 200-day moving average price is $62.44. The company has a quick ratio of 1.42, a current ratio of 1.58 and a debt-to-equity ratio of 0.41. The company has a market cap of $1.14 billion, a PE ratio of 32.73 and a beta of 1.04.

Institutional Trading of Precision Drilling

Several large investors have recently modified their holdings of the business. Cubist Systematic Strategies LLC purchased a new stake in shares of Precision Drilling during the first quarter worth about $45,000. Goldman Sachs Group Inc. raised its holdings in Precision Drilling by 28.4% in the first quarter. Goldman Sachs Group Inc. now owns 138,896 shares of the oil and gas company’s stock valued at $6,475,000 after acquiring an additional 30,690 shares in the last quarter. Quotient Wealth Partners LLC boosted its stake in 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 acquiring an additional 28,093 shares during the last quarter. Greatmark Investment Partners Inc. grew its holdings in 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 acquiring an additional 13,415 shares in the last quarter. Finally, Geode Capital Management LLC increased 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 purchasing an additional 11,056 shares during the last quarter. 48.86% of the stock is currently owned by institutional investors and hedge funds.

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.