Precision Drilling (NYSE:PDS) Stock Price Crosses Above 200 Day Moving Average – What’s Next?

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $71.90 and traded as high as $101.90. Precision Drilling shares last traded at $98.2650, with a volume of 168,852 shares trading hands.

Analyst Ratings Changes

Several research firms have recently weighed in on PDS. Piper Sandler reissued 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. Wall Street Zen cut shares of Precision Drilling from a “buy” rating to a “hold” rating in a report on Sunday, March 22nd. BMO Capital Markets reaffirmed an “outperform” rating on shares of Precision Drilling in a research report on Thursday, February 12th. Zacks Research upgraded shares of Precision Drilling from a “strong sell” rating to a “hold” rating in a research note on Friday, January 30th. Finally, Weiss Ratings cut Precision Drilling from a “hold (c)” rating to a “sell (d+)” rating in a report on Thursday, March 12th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $122.33.

Precision Drilling Trading Down 0.0%

The firm has a market capitalization of $1.27 billion, a P/E ratio of -251.96 and a beta of 1.01. The company has a current ratio of 1.62, a quick ratio of 1.46 and a debt-to-equity ratio of 0.43. The stock has a 50 day simple moving average of $88.79 and a 200-day simple moving average of $71.90.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its quarterly earnings data 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 firm had revenue of $349.37 million for the quarter, compared to analysts’ expectations of $489.80 million. Precision Drilling had a net margin of 0.05% and a return on equity of 4.12%. On average, equities research analysts forecast that Precision Drilling Corporation will post 7.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Aristides Capital LLC bought a new stake in shares of Precision Drilling during the 4th quarter valued at $225,000. Invesco Ltd. lifted its position in Precision Drilling by 5.5% during the fourth quarter. Invesco Ltd. now owns 9,614 shares of the oil and gas company’s stock valued at $691,000 after purchasing an additional 502 shares in the last quarter. Vident Advisory LLC bought a new stake in Precision Drilling during the fourth quarter valued at about $222,000. Mackenzie Financial Corp increased its position in Precision Drilling by 45.9% in the fourth quarter. Mackenzie Financial Corp now owns 21,784 shares of the oil and gas company’s stock worth $1,566,000 after buying an additional 6,854 shares in the last quarter. Finally, NewEdge Advisors LLC bought a new position in shares of Precision Drilling in the fourth quarter worth about $322,000. 48.86% of the stock is currently owned by 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.