Royal Bank Of Canada Forecasts Strong Price Appreciation for Precision Drilling (NYSE:PDS) Stock

Precision Drilling (NYSE:PDS) (TSE:PD) had its price objective raised by stock analysts at Royal Bank Of Canada from $124.00 to $140.00 in a report issued on Monday,Benzinga reports. The firm presently has an “outperform” rating on the oil and gas company’s stock. Royal Bank Of Canada’s target price suggests a potential upside of 37.44% from the stock’s previous close.

A number of other brokerages have also weighed in on PDS. Weiss Ratings lowered Precision Drilling from a “hold (c)” rating to a “sell (d+)” rating in a report on Thursday, March 12th. Zacks Research raised Precision Drilling from a “strong sell” rating to a “hold” rating in a report on Friday, January 30th. Loop Capital set a $122.00 price target on Precision Drilling in a research note on Monday, March 2nd. Piper Sandler reaffirmed an “overweight” rating and set a $105.00 price objective (up from $81.00) on shares of Precision Drilling in a report on Tuesday, February 17th. Finally, Wall Street Zen cut Precision Drilling from a “buy” rating to a “hold” rating in a research report on Sunday. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $122.33.

Precision Drilling Stock Up 1.6%

Shares of Precision Drilling stock opened at $101.86 on Monday. Precision Drilling has a one year low of $36.20 and a one year high of $103.43. The company has a market cap of $1.32 billion, a P/E ratio of -261.17 and a beta of 1.01. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.46 and a current ratio of 1.62. The firm has a fifty day moving average of $86.21 and a two-hundred day moving average of $70.38.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PDS. Cubist Systematic Strategies LLC purchased a new position in shares of Precision Drilling during the 1st quarter worth approximately $45,000. Quarry LP purchased a new stake in Precision Drilling in the 3rd quarter valued at approximately $54,000. Raymond James Financial Inc. acquired a new stake in Precision Drilling during the 2nd quarter valued at $57,000. Wolverine Asset Management LLC grew its holdings in Precision Drilling by 112.9% during the 4th quarter. Wolverine Asset Management LLC now owns 802 shares of the oil and gas company’s stock valued at $58,000 after buying an additional 7,000 shares during the last quarter. Finally, US Bancorp DE increased its position in Precision Drilling by 52.3% during the third quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock worth $67,000 after buying an additional 408 shares in the last quarter. 48.86% of the stock is owned by hedge funds and other institutional investors.

Precision Drilling Company Profile

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.