Precision Drilling (NYSE:PDS) Stock Price Up 5.8%

Precision Drilling Co. (NYSE:PDSGet Rating) (TSE:PD) shares rose 5.8% during mid-day trading on Tuesday . The stock traded as high as $82.00 and last traded at $81.83. Approximately 535 shares traded hands during mid-day trading, a decline of 99% from the average daily volume of 99,149 shares. The stock had previously closed at $77.38.

Wall Street Analyst Weigh In

PDS has been the topic of several recent analyst reports. TD Securities lifted their price target on Precision Drilling from C$135.00 to C$145.00 in a research note on Friday, October 28th. Canaccord Genuity Group cut their price objective on Precision Drilling from C$115.00 to C$100.00 in a report on Friday, August 19th. Piper Sandler raised their price objective on Precision Drilling to $128.00 in a report on Tuesday, November 1st. Raymond James cut their price objective on Precision Drilling from C$130.00 to C$115.00 in a report on Wednesday, September 28th. Finally, Stifel Nicolaus raised their price objective on Precision Drilling from C$140.00 to C$165.00 in a report on Friday, October 28th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Precision Drilling currently has an average rating of “Buy” and an average target price of $126.11.

Precision Drilling Stock Performance

The company has a 50-day moving average price of $66.21 and a two-hundred day moving average price of $66.00. The company has a current ratio of 1.45, a quick ratio of 1.36 and a debt-to-equity ratio of 1.01. The stock has a market capitalization of $1.10 billion, a P/E ratio of -20.02 and a beta of 2.48.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PDS. Versor Investments LP bought a new position in shares of Precision Drilling in the 1st quarter worth about $566,000. Janney Montgomery Scott LLC bought a new position in shares of Precision Drilling in the 1st quarter worth about $400,000. Toronto Dominion Bank raised its position in shares of Precision Drilling by 692.3% in the 1st quarter. Toronto Dominion Bank now owns 43,482 shares of the oil and gas company’s stock worth $3,229,000 after acquiring an additional 37,994 shares in the last quarter. Campbell & CO Investment Adviser LLC bought a new position in shares of Precision Drilling in the 1st quarter worth about $839,000. Finally, Beirne Wealth Consulting Services LLC increased its position in Precision Drilling by 2.1% in the 1st quarter. Beirne Wealth Consulting Services LLC now owns 15,877 shares of the oil and gas company’s stock valued at $1,174,000 after buying an additional 324 shares in the last quarter. 45.59% of the stock is owned by institutional investors.

About Precision Drilling

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Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates in two segments, Contract Drilling Services; and Completion and Production Services.

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