Precision Drilling (TSE:PD) Reaches New 1-Year High Following Analyst Upgrade

Precision Drilling Co. (TSE:PD) (NYSE:PDS) hit a new 52-week high on Tuesday after CIBC raised their price target on the stock from C$110.00 to C$120.00. The company traded as high as C$104.13 and last traded at C$103.70, with a volume of 67946 shares trading hands. The stock had previously closed at C$98.93.

A number of other brokerages also recently weighed in on PD. Atb Cap Markets upgraded Precision Drilling to a “strong-buy” rating in a report on Thursday, October 30th. ATB Capital set a C$120.00 target price on shares of Precision Drilling and gave the company an “outperform” rating in a research note on Friday, December 19th. Raymond James Financial increased their target price on shares of Precision Drilling from C$132.00 to C$133.00 and gave the stock an “outperform” rating in a report on Friday, October 24th. Royal Bank Of Canada lifted their price target on shares of Precision Drilling from C$110.00 to C$117.00 and gave the company an “outperform” rating in a report on Friday, October 24th. Finally, TD Securities boosted their price objective on shares of Precision Drilling from C$77.00 to C$80.00 and gave the company a “hold” rating in a research report on Thursday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of C$111.43.

Precision Drilling Trading Up 1.8%

The company has a debt-to-equity ratio of 51.98, a current ratio of 1.54 and a quick ratio of 1.36. The company has a market capitalization of C$1.34 billion, a price-to-earnings ratio of 24.93, a price-to-earnings-growth ratio of -3.24 and a beta of 1.30. The business has a fifty day moving average price of C$91.57 and a 200 day moving average price of C$81.74.

Precision Drilling (TSE:PD) (NYSE:PDS) last announced its earnings results on Wednesday, October 22nd. The company reported C($0.51) earnings per share (EPS) for the quarter. The company had revenue of C$462.25 million for the quarter. Precision Drilling had a return on equity of 14.96% and a net margin of 12.53%.

About Precision Drilling

Precision Drilling Corp is a leader in North American oil and gas services. It is a provider of contract drilling and completion and production services primarily to oil and natural gas exploration and production companies in Canada. Its segments are Contract Drilling Services which is the majority key revenue generator and other segments include Completion and Production Services.