Royal Bank Of Canada Raises Precision Drilling (NYSE:PDS) Price Target to $140.00

Precision Drilling (NYSE:PDS) (TSE:PD) had its target price raised by research analysts at Royal Bank Of Canada from $124.00 to $140.00 in a report issued on Monday,Benzinga reports. The firm currently has an “outperform” rating on the oil and gas company’s stock. Royal Bank Of Canada’s target price indicates a potential upside of 41.93% from the stock’s previous close.

Several other analysts have also weighed in on PDS. Weiss Ratings lowered shares of Precision Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research report on Thursday, March 12th. TD Securities restated a “hold” rating on shares of Precision Drilling in a research note on Thursday, February 12th. Wall Street Zen downgraded Precision Drilling from a “buy” rating to a “hold” rating in a report on Sunday. BMO Capital Markets reiterated an “outperform” rating on shares of Precision Drilling in a research note on Thursday, February 12th. Finally, Piper Sandler restated an “overweight” rating and set a $105.00 target price (up from $81.00) on shares of Precision Drilling in a research report on Tuesday, February 17th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $122.33.

Precision Drilling Stock Performance

PDS opened at $98.64 on Monday. The stock’s 50 day simple moving average is $85.07 and its 200-day simple moving average is $69.77. The company has a current ratio of 1.62, a quick ratio of 1.46 and a debt-to-equity ratio of 0.43. The stock has a market cap of $1.28 billion, a PE ratio of -251.51 and a beta of 1.01. Precision Drilling has a 1 year low of $36.20 and a 1 year high of $101.50.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings results on Wednesday, February 11th. The oil and gas company reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.26. The firm had revenue of $349.37 million for the quarter, compared to the consensus estimate of $489.80 million. Precision Drilling had a net margin of 0.05% and a return on equity of 4.12%. Sell-side analysts forecast that Precision Drilling will post 7.1 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Cubist Systematic Strategies LLC acquired a new stake in Precision Drilling during the 1st quarter valued at $45,000. Quarry LP bought a new stake in shares of Precision Drilling during the third quarter worth $54,000. Raymond James Financial Inc. bought a new stake in shares of Precision Drilling during the second quarter worth $57,000. Wolverine Asset Management LLC increased its stake in shares of Precision Drilling by 112.9% in the fourth quarter. Wolverine Asset Management LLC now owns 802 shares of the oil and gas company’s stock valued at $58,000 after buying an additional 7,000 shares in the last quarter. Finally, US Bancorp DE raised its holdings in shares of Precision Drilling by 52.3% in the third quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock valued at $67,000 after buying an additional 408 shares during the last quarter. 48.86% of the stock is owned by institutional investors and hedge funds.

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.