Precision Drilling (NYSE:PDS) Reaches New 52-Week High – What’s Next?

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) shares hit a new 52-week high on Wednesday . The company traded as high as $76.76 and last traded at $75.5440, with a volume of 10288 shares trading hands. The stock had previously closed at $73.85.

Analysts Set New Price Targets

Several research firms have commented on PDS. Piper Sandler reissued an “overweight” rating and issued a $81.00 price objective (up from $79.00) on shares of Precision Drilling in a research report on Thursday, December 18th. Wall Street Zen cut Precision Drilling from a “buy” rating to a “hold” rating in a report on Sunday, October 26th. TD Securities reiterated a “hold” rating on shares of Precision Drilling in a research note on Thursday, October 23rd. Royal Bank Of Canada boosted their target price on shares of Precision Drilling from $110.00 to $117.00 and gave the stock an “outperform” rating in a research report on Friday, October 24th. Finally, Zacks Research downgraded Precision Drilling from a “hold” rating to a “strong sell” rating in a report on Thursday, January 1st. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Precision Drilling presently has a consensus rating of “Moderate Buy” and an average price target of $99.00.

Precision Drilling Price Performance

The business has a fifty day moving average price of $67.94 and a 200 day moving average price of $59.98. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.58 and a quick ratio of 1.42. The company has a market capitalization of $980.08 million, a price-to-earnings ratio of 28.18 and a beta of 1.00.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its earnings results 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). Precision Drilling had a net margin of 3.17% and a return on equity of 3.44%. The company had revenue of $331.90 million during the quarter, compared to the consensus estimate of $471.38 million. On average, research analysts expect that Precision Drilling Corporation will post 7.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Precision Drilling

Hedge funds have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership grew its holdings in Precision Drilling by 275.5% during the second quarter. Arrowstreet Capital Limited Partnership now owns 387,598 shares of the oil and gas company’s stock worth $18,338,000 after acquiring an additional 284,384 shares during the period. Aegis Financial Corp increased its holdings in shares of Precision Drilling by 110.0% in the third quarter. Aegis Financial Corp now owns 452,359 shares of the oil and gas company’s stock valued at $25,486,000 after buying an additional 236,963 shares in the last quarter. Picton Mahoney Asset Management lifted its position in shares of Precision Drilling by 100.0% during the 3rd quarter. Picton Mahoney Asset Management now owns 245,981 shares of the oil and gas company’s stock valued at $13,851,000 after acquiring an additional 122,974 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Precision Drilling by 147.5% during the 3rd quarter. Bank of America Corp DE now owns 100,176 shares of the oil and gas company’s stock worth $5,646,000 after acquiring an additional 59,706 shares in the last quarter. Finally, Millennium Management LLC raised its position in shares of Precision Drilling by 97.5% during the third quarter. Millennium Management LLC now owns 118,891 shares of the oil and gas company’s stock worth $6,699,000 after purchasing an additional 58,680 shares during the period. 48.86% of the stock is currently owned by institutional investors and hedge funds.

Precision Drilling Company Profile

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.