BMO Capital Markets Increases Precision Drilling (NYSE:PDS) Price Target to $1.25

Precision Drilling (NYSE:PDS) (TSE:PD) had its price target boosted by BMO Capital Markets from $1.00 to $1.25 in a report issued on Tuesday, The Fly reports. The brokerage currently has an “outperform” rating on the oil and gas company’s stock. BMO Capital Markets’ price target would indicate a potential upside of 68.92% from the stock’s previous close.

Several other equities analysts also recently commented on the company. AltaCorp Capital downgraded Precision Drilling from an “outperform” rating to a “sector perform” rating in a research report on Thursday, March 12th. Piper Sandler raised their price target on Precision Drilling from $0.30 to $0.60 and gave the company a “neutral” rating in a report on Thursday, May 28th. Scotiabank cut Precision Drilling from a “sector perform” rating to an “underperform” rating in a report on Monday, March 9th. Evercore ISI cut Precision Drilling to an “outperform” rating in a report on Monday, March 9th. Finally, TD Securities cut Precision Drilling to a “buy” rating in a report on Friday, May 1st. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $1.36.

Shares of Precision Drilling stock traded up $0.01 during midday trading on Tuesday, hitting $0.74. 23,920 shares of the company were exchanged, compared to its average volume of 1,137,018. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.04 and a quick ratio of 1.90. The firm has a market cap of $202.41 million, a P/E ratio of -12.33 and a beta of 3.20. Precision Drilling has a 52 week low of $0.27 and a 52 week high of $2.08. The firm has a 50 day simple moving average of $0.67 and a 200-day simple moving average of $0.88.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its earnings results on Thursday, April 30th. The oil and gas company reported ($0.01) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.01. The business had revenue of $282.95 million during the quarter, compared to the consensus estimate of $262.25 million. Precision Drilling had a negative return on equity of 0.47% and a negative net margin of 1.59%. Equities research analysts expect that Precision Drilling will post -0.38 earnings per share for the current year.

Large investors have recently bought and sold shares of the company. UBS Group AG boosted its position in shares of Precision Drilling by 32.6% in the 1st quarter. UBS Group AG now owns 97,820 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 24,050 shares during the last quarter. Marshall Wace LLP bought a new position in shares of Precision Drilling in the 1st quarter worth $36,000. Oxford Asset Management LLP bought a new position in shares of Precision Drilling in the 4th quarter worth $66,000. Banco Bilbao Vizcaya Argentaria S.A. bought a new position in shares of Precision Drilling in the 4th quarter worth $69,000. Finally, Marshall Wace North America L.P. bought a new position in shares of Precision Drilling in the 4th quarter worth $115,000. Institutional investors and hedge funds own 28.21% of the company’s stock.

About Precision Drilling

Precision Drilling Corporation, an oilfield services company, provides oil and natural gas drilling and related services and products. The company operates in two segments, Contract Drilling Services, and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry.

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