Precision Drilling (TSE:PD) Reaches New 1-Year High – Here’s Why

Precision Drilling Co. (TSE:PD) (NYSE:PDS) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as C$120.64 and last traded at C$120.64, with a volume of 5911 shares changing hands. The stock had previously closed at C$118.86.

Wall Street Analysts Forecast Growth

PD has been the topic of several analyst reports. TD Securities lifted their target price on shares of Precision Drilling from C$80.00 to C$118.00 in a report on Monday, January 26th. Canadian Imperial Bank of Commerce raised their price objective on shares of Precision Drilling from C$110.00 to C$120.00 in a research report on Tuesday, January 13th. Royal Bank Of Canada boosted their target price on Precision Drilling from C$110.00 to C$117.00 and gave the stock an “outperform” rating in a research report on Friday, October 24th. ATB Capital set a C$120.00 price target on Precision Drilling and gave the company an “outperform” rating in a research note on Friday, December 19th. Finally, National Bankshares upped their price objective on Precision Drilling from C$100.00 to C$120.00 and gave the stock a “sector perform” rating in a report on Friday, January 9th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Precision Drilling presently has an average rating of “Moderate Buy” and an average price target of C$116.86.

Precision Drilling Price Performance

The business has a fifty day moving average price of C$101.44 and a 200 day moving average price of C$87.18. The company has a debt-to-equity ratio of 51.98, a current ratio of 1.54 and a quick ratio of 1.36. The company has a market capitalization of C$1.53 billion, a price-to-earnings ratio of 28.35, a price-to-earnings-growth ratio of -3.24 and a beta of 1.43.

Precision Drilling (TSE:PD) (NYSE:PDS) last announced its earnings results on Wednesday, October 22nd. The company reported C($0.51) earnings per share (EPS) for the quarter. The company had revenue of C$462.25 million during the quarter. Precision Drilling had a net margin of 12.53% and a return on equity of 14.96%.

About Precision Drilling

Precision Drilling Corp is a leader in North American oil and gas services. It is a provider of contract drilling and completion and production services primarily to oil and natural gas exploration and production companies in Canada. Its segments are Contract Drilling Services which is the majority key revenue generator and other segments include Completion and Production Services.