Precision Drilling (NYSE:PDS) Price Target Raised to $140.00

Precision Drilling (NYSE:PDS) (TSE:PD) had its price objective upped by Royal Bank Of Canada from $124.00 to $140.00 in a research report sent to investors on Monday morning,Benzinga reports. The brokerage currently has an outperform rating on the oil and gas company’s stock.

PDS has been the topic of a number of other research reports. Loop Capital set a $122.00 price target on shares of Precision Drilling in a research note on Monday, March 2nd. Wall Street Zen cut shares of Precision Drilling from a “buy” rating to a “hold” rating in a research report on Sunday. Piper Sandler reiterated an “overweight” rating and issued a $105.00 target price (up from $81.00) on shares of Precision Drilling in a research report on Tuesday, February 17th. TD Securities reissued a “hold” rating on shares of Precision Drilling in a research note on Thursday, February 12th. Finally, Weiss Ratings downgraded shares of Precision Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research report on Thursday, March 12th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $122.33.

Precision Drilling Price Performance

Shares of Precision Drilling stock opened at $101.83 on Monday. The firm has a market cap of $1.32 billion, a PE ratio of -261.09 and a beta of 1.01. Precision Drilling has a twelve month low of $36.20 and a twelve month high of $103.43. 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 business has a 50-day moving average price of $86.75 and a 200 day moving average price of $70.60.

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

Institutional Investors Weigh In On Precision Drilling

A number of large investors have recently modified their holdings of the business. Arrowstreet Capital Limited Partnership lifted its stake in shares of Precision Drilling by 275.5% in the second quarter. Arrowstreet Capital Limited Partnership now owns 387,598 shares of the oil and gas company’s stock worth $18,338,000 after buying an additional 284,384 shares in the last quarter. Aegis Financial Corp grew its stake in Precision Drilling by 110.0% during the 3rd quarter. Aegis Financial Corp now owns 452,359 shares of the oil and gas company’s stock valued at $25,486,000 after acquiring an additional 236,963 shares in the last quarter. Picton Mahoney Asset Management grew its stake in Precision Drilling by 100.0% during the 3rd quarter. Picton Mahoney Asset Management now owns 245,981 shares of the oil and gas company’s stock valued at $13,851,000 after acquiring an additional 122,974 shares in the last quarter. Beirne Wealth Consulting Services LLC acquired a new stake in Precision Drilling in the 3rd quarter valued at about $325,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Precision Drilling in the 3rd quarter valued at about $583,000. 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.