Precision Drilling (NYSE:PDS) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Precision Drilling Corporation (NYSE:PDS) (TSE:PD)’s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $84.25 and traded as high as $97.90. Precision Drilling shares last traded at $96.0490, with a volume of 148,212 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PDS shares. Piper Sandler restated an “overweight” rating and issued a $105.00 target price (up from $81.00) on shares of Precision Drilling in a report on Tuesday, February 17th. Wall Street Zen cut Precision Drilling from a “buy” rating to a “hold” rating in a report on Sunday, March 22nd. Royal Bank Of Canada upped their target price on Precision Drilling from $124.00 to $140.00 and gave the company an “outperform” rating in a report on Monday, March 23rd. BMO Capital Markets restated an “outperform” rating on shares of Precision Drilling in a report on Thursday, April 30th. Finally, Loop Capital set a $122.00 price target on Precision Drilling in a research note on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $122.33.

Precision Drilling Trading Up 2.3%

The company has a 50 day moving average price of $93.35 and a 200 day moving average price of $84.25. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of -102.18 and a beta of 0.76. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.52 and a current ratio of 1.70.

Hedge Funds Weigh In On Precision Drilling

Large investors have recently modified their holdings of the business. Wolverine Asset Management LLC lifted its stake in shares of Precision Drilling by 112.9% in the 4th quarter. Wolverine Asset Management LLC now owns 802 shares of the oil and gas company’s stock valued at $58,000 after purchasing an additional 7,000 shares during the last quarter. Group One Trading LLC acquired a new position in Precision Drilling during the 1st quarter worth about $81,000. Quarry LP acquired a new position in Precision Drilling during the 3rd quarter worth about $54,000. Cubist Systematic Strategies LLC acquired a new position in Precision Drilling during the 1st quarter worth about $45,000. Finally, US Bancorp DE lifted its stake in Precision Drilling by 52.3% during the 3rd quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock worth $67,000 after acquiring an additional 408 shares in the last quarter. Institutional investors and hedge funds own 48.86% of the company’s stock.

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.