Precision Drilling (NYSE:PDS) Reaches New 12-Month High on Analyst Upgrade

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) shares hit a new 52-week high on Tuesday after Royal Bank Of Canada raised their price target on the stock from $124.00 to $140.00. Royal Bank Of Canada currently has an outperform rating on the stock. Precision Drilling traded as high as $103.25 and last traded at $102.6670, with a volume of 17583 shares. The stock had previously closed at $100.23.

Other research analysts have also recently issued reports about the stock. TD Securities reiterated a “hold” rating on shares of Precision Drilling in a report on Thursday, February 12th. Wall Street Zen lowered shares of Precision Drilling from a “buy” rating to a “hold” rating in a report on Sunday. BMO Capital Markets restated an “outperform” rating on shares of Precision Drilling in a research report on Thursday, February 12th. Weiss Ratings lowered shares of Precision Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research note on Thursday, March 12th. Finally, Loop Capital set a $122.00 price objective on shares of Precision Drilling in a research report on Monday, March 2nd. 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 company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $122.33.

Hedge Funds Weigh In On Precision Drilling

A number of large investors have recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership boosted its stake in shares of Precision Drilling by 275.5% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 387,598 shares of the oil and gas company’s stock valued at $18,338,000 after buying an additional 284,384 shares during the period. Aegis Financial Corp increased its stake in shares of Precision Drilling by 110.0% in the third quarter. Aegis Financial Corp now owns 452,359 shares of the oil and gas company’s stock worth $25,486,000 after acquiring an additional 236,963 shares during the last quarter. Picton Mahoney Asset Management raised its holdings in shares of Precision Drilling by 100.0% during the third quarter. Picton Mahoney Asset Management now owns 245,981 shares of the oil and gas company’s stock worth $13,851,000 after acquiring an additional 122,974 shares in the last quarter. Beirne Wealth Consulting Services LLC purchased a new stake in shares of Precision Drilling during the third quarter worth $325,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Precision Drilling during the third quarter valued at $583,000. Institutional investors and hedge funds own 48.86% of the company’s stock.

Precision Drilling Trading Down 0.1%

The business has a 50-day moving average of $86.75 and a 200-day moving average of $70.60. The company has a quick ratio of 1.46, a current ratio of 1.62 and a debt-to-equity ratio of 0.43. The stock has a market cap of $1.32 billion, a price-to-earnings ratio of -261.09 and a beta of 1.01.

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, topping the consensus estimate of $1.11 by $0.26. The company had revenue of $349.37 million for the quarter, compared to analyst estimates of $489.80 million. Precision Drilling had a return on equity of 4.12% and a net margin of 0.05%. As a group, research analysts forecast that Precision Drilling Corporation will post 7.1 earnings per share for the current year.

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.