Precision Drilling (NYSE:PDS) Stock Price Passes Above Two Hundred Day Moving Average – Should You Sell?

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $57.11 and traded as high as $71.25. Precision Drilling shares last traded at $70.54, with a volume of 65,358 shares.

Analyst Upgrades and Downgrades

PDS has been the topic of several recent analyst reports. Weiss Ratings reissued a “hold (c-)” rating on shares of Precision Drilling in a research note on Friday, October 31st. Royal Bank Of Canada boosted their price target on Precision Drilling from $110.00 to $117.00 and gave the company an “outperform” rating in a report on Friday, October 24th. Wall Street Zen cut Precision Drilling from a “buy” rating to a “hold” rating in a report on Sunday, October 26th. Piper Sandler reaffirmed an “overweight” rating and issued a $81.00 price objective (up previously from $79.00) on shares of Precision Drilling in a research report on Thursday, December 18th. Finally, Atb Cap Markets upgraded Precision Drilling to a “strong-buy” rating in a research note on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $99.00.

Precision Drilling Stock Performance

The company has a market cap of $915.61 million, a PE ratio of 26.22 and a beta of 0.97. The stock’s 50 day simple moving average is $62.65 and its two-hundred day simple moving average is $57.11. The company has a quick ratio of 1.42, a current ratio of 1.58 and a debt-to-equity ratio of 0.41.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings data on Wednesday, October 22nd. The oil and gas company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by ($1.57). The company had revenue of $331.90 million for the quarter, compared to analysts’ expectations of $471.38 million. Precision Drilling had a net margin of 3.17% and a return on equity of 3.44%. As a group, research analysts anticipate that Precision Drilling Corporation will post 7.1 earnings per share for the current year.

Hedge Funds Weigh In On Precision Drilling

A number of large investors have recently modified their holdings of PDS. Charles Schwab Investment Management Inc. lifted its stake in shares of Precision Drilling by 2.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 31,023 shares of the oil and gas company’s stock valued at $1,442,000 after purchasing an additional 835 shares in the last quarter. Trexquant Investment LP raised its holdings in Precision Drilling by 169.8% in the first quarter. Trexquant Investment LP now owns 49,144 shares of the oil and gas company’s stock valued at $2,291,000 after buying an additional 30,931 shares during the period. Vident Advisory LLC raised its holdings in Precision Drilling by 8.2% in the first quarter. Vident Advisory LLC now owns 6,766 shares of the oil and gas company’s stock valued at $315,000 after buying an additional 512 shares during the period. Cubist Systematic Strategies LLC acquired a new position in Precision Drilling during the first quarter valued at approximately $45,000. Finally, PDT Partners LLC grew its stake in Precision Drilling by 15.8% during the first quarter. PDT Partners LLC now owns 18,276 shares of the oil and gas company’s stock worth $852,000 after buying an additional 2,492 shares during the period. 48.86% of the stock is currently owned by hedge funds and other institutional investors.

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.