Precision Drilling (NYSE:PDS) Hits New 52-Week High – Should You Buy?

Shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) hit a new 52-week high during trading on Thursday . The company traded as high as $67.35 and last traded at $67.4090, with a volume of 32677 shares trading hands. The stock had previously closed at $66.69.

Analyst Upgrades and Downgrades

PDS has been the subject of a number of recent research reports. Zacks Research upgraded shares of Precision Drilling from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 27th. Atb Cap Markets raised Precision Drilling to a “strong-buy” rating in a report on Thursday, October 30th. Piper Sandler raised their price objective on shares of Precision Drilling from $74.00 to $79.00 and gave the company an “overweight” rating in a research report on Tuesday, October 28th. Royal Bank Of Canada increased their target price on shares of Precision Drilling from $110.00 to $117.00 and gave the stock an “outperform” rating in a research note on Friday, October 24th. Finally, Wall Street Zen cut shares of Precision Drilling from a “buy” rating to a “hold” rating in a report on Sunday, October 26th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $98.00.

Precision Drilling Stock Performance

The company has a market cap of $882.43 million, a P/E ratio of 25.02 and a beta of 0.97. The company’s fifty day moving average is $58.04 and its 200 day moving average is $54.00. The company has a current ratio of 1.58, a quick ratio of 1.42 and a debt-to-equity ratio of 0.41.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings data on Wednesday, October 22nd. The oil and gas company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.20 by ($1.57). The company had revenue of $331.90 million for the quarter, compared to the consensus estimate of $471.38 million. Precision Drilling had a net margin of 3.17% and a return on equity of 3.44%. As a group, equities analysts predict that Precision Drilling Corporation will post 7.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Precision Drilling

A number of hedge funds have recently modified their holdings of PDS. US Bancorp DE boosted its holdings in shares of Precision Drilling by 52.3% during the third quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock worth $67,000 after purchasing an additional 408 shares during the period. PCJ Investment Counsel Ltd. boosted its position in Precision Drilling by 2.9% during the 1st quarter. PCJ Investment Counsel Ltd. now owns 16,830 shares of the oil and gas company’s stock valued at $783,000 after acquiring an additional 470 shares in the last quarter. Creative Planning grew its holdings in shares of Precision Drilling by 6.2% during the 3rd quarter. Creative Planning now owns 8,503 shares of the oil and gas company’s stock worth $479,000 after acquiring an additional 496 shares during the period. Vident Advisory LLC raised its position in shares of Precision Drilling by 8.2% in the 1st quarter. Vident Advisory LLC now owns 6,766 shares of the oil and gas company’s stock worth $315,000 after acquiring an additional 512 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its stake in shares of Precision Drilling by 5.8% in the 1st quarter. Mackenzie Financial Corp now owns 9,752 shares of the oil and gas company’s stock valued at $453,000 after purchasing an additional 533 shares during the period. Hedge funds and other institutional investors own 48.86% of the company’s stock.

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.