Precision Drilling Corporation (NYSE:PDS) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) has been assigned a consensus rating of “Moderate Buy” from the eight research firms that are covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $122.3333.

Several equities research analysts have issued reports on the stock. Piper Sandler reiterated an “overweight” rating and issued a $105.00 price target (up from $81.00) on shares of Precision Drilling in a research note on Tuesday, February 17th. Royal Bank Of Canada raised their price objective on Precision Drilling from $124.00 to $140.00 and gave the company an “outperform” rating in a report on Monday, March 23rd. Wall Street Zen downgraded Precision Drilling from a “buy” rating to a “hold” rating in a research report on Sunday, March 22nd. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Precision Drilling in a report on Friday, May 1st. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Precision Drilling in a research report on Thursday, April 30th.

Institutional Investors Weigh In On Precision Drilling

Several large investors have recently made changes to their positions in the stock. FIL Ltd increased its holdings in Precision Drilling by 27,294.7% during the fourth quarter. FIL Ltd now owns 850,331 shares of the oil and gas company’s stock worth $61,017,000 after buying an additional 847,227 shares during the last quarter. Hillsdale Investment Management Inc. acquired a new stake in Precision Drilling in the fourth quarter valued at $20,979,000. Aegis Financial Corp grew its position in shares of Precision Drilling by 110.0% in the 3rd quarter. Aegis Financial Corp now owns 452,359 shares of the oil and gas company’s stock valued at $25,486,000 after acquiring an additional 236,963 shares during the period. Picton Mahoney Asset Management increased its position in 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 buying an additional 122,974 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in Precision Drilling by 11,668,900.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 116,690 shares of the oil and gas company’s stock valued at $8,388,000 after buying an additional 116,689 shares during the period. Institutional investors and hedge funds own 48.86% of the company’s stock.

Precision Drilling Price Performance

Shares of PDS opened at $95.80 on Monday. The company has a quick ratio of 1.52, a current ratio of 1.70 and a debt-to-equity ratio of 0.41. Precision Drilling has a twelve month low of $45.97 and a twelve month high of $103.80. The stock has a market capitalization of $1.24 billion, a P/E ratio of -101.91 and a beta of 0.76. The company has a 50 day moving average of $93.36 and a 200-day moving average of $84.79.

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.