Precision Drilling (NYSE:PDS) Reaches New 52-Week High at $77.21

Precision Drilling Co. (NYSE:PDS) (TSE:PD) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $77.21 and last traded at $77.18, with a volume of 4084 shares trading hands. The stock had previously closed at $76.52.

Wall Street Analyst Weigh In

Separately, Piper Sandler reduced their target price on Precision Drilling from $100.00 to $81.00 and set an “overweight” rating for the company in a research note on Tuesday, February 20th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $118.00.

Precision Drilling Stock Performance

The company’s 50-day simple moving average is $64.55 and its 200 day simple moving average is $60.20. The company has a current ratio of 1.40, a quick ratio of 1.30 and a debt-to-equity ratio of 0.58. The stock has a market cap of $1.09 billion, a P/E ratio of 5.54 and a beta of 2.11.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its earnings results on Tuesday, February 6th. The oil and gas company reported $3.45 EPS for the quarter, topping the consensus estimate of $2.09 by $1.36. The firm had revenue of $372.34 million for the quarter, compared to analysts’ expectations of $355.78 million. Precision Drilling had a net margin of 14.87% and a return on equity of 14.81%. As a group, sell-side analysts expect that Precision Drilling Co. will post 6.82 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Great West Life Assurance Co. Can purchased a new position in shares of Precision Drilling during the 1st quarter valued at $27,000. Deutsche Bank AG purchased a new position in Precision Drilling in the fourth quarter worth $35,000. Barclays PLC grew its position in Precision Drilling by 150.0% in the fourth quarter. Barclays PLC now owns 500 shares of the oil and gas company’s stock worth $38,000 after acquiring an additional 300 shares in the last quarter. Wells Fargo & Company MN purchased a new position in Precision Drilling in the fourth quarter worth $38,000. Finally, Signaturefd LLC grew its position in Precision Drilling by 41.3% in the third quarter. Signaturefd LLC now owns 921 shares of the oil and gas company’s stock worth $62,000 after acquiring an additional 269 shares in the last quarter. 48.86% of the stock is currently owned by hedge funds and other institutional investors.

About Precision Drilling

Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates through Contract Drilling Services and Completion and Production Services segments.