Wall Street Zen Upgrades Precision Drilling (NYSE:PDS) to “Buy”

Precision Drilling (NYSE:PDS) (TSE:PD) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

PDS has been the subject of several other reports. Zacks Research raised shares of Precision Drilling from a “strong sell” rating to a “hold” rating in a research note on Friday, January 30th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $124.00 target price (up from $119.00) on shares of Precision Drilling in a research report on Friday. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Precision Drilling in a research note on Wednesday, January 28th. Piper Sandler reiterated an “overweight” rating and issued a $81.00 price target (up previously from $79.00) on shares of Precision Drilling in a report on Thursday, December 18th. Finally, BMO Capital Markets restated an “outperform” rating on shares of Precision Drilling in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Precision Drilling presently has a consensus rating of “Moderate Buy” and a consensus target price of $102.50.

Precision Drilling Price Performance

Shares of PDS opened at $87.42 on Friday. The firm has a market cap of $1.13 billion, a PE ratio of -224.15 and a beta of 1.04. Precision Drilling has a 52-week low of $36.20 and a 52-week high of $91.99. The business’s 50 day moving average price is $74.94 and its two-hundred day moving average price is $63.63. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.46 and a current ratio of 1.62.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings data on Wednesday, February 11th. The oil and gas company reported $1.37 EPS for the quarter, topping the consensus estimate of $1.11 by $0.26. Precision Drilling had a net margin of 0.05% and a return on equity of 4.12%. The company had revenue of $349.37 million during the quarter, compared to the consensus estimate of $489.80 million. On average, equities analysts anticipate that Precision Drilling will post 7.1 EPS for the current year.

Institutional Trading of Precision Drilling

Several institutional investors have recently made changes to their positions in the company. Cubist Systematic Strategies LLC bought a new position in shares of Precision Drilling during the first quarter valued at about $45,000. Quarry LP bought a new position in shares of Precision Drilling during the 3rd quarter worth approximately $54,000. Raymond James Financial Inc. bought a new position in shares of Precision Drilling during the 2nd quarter worth approximately $57,000. Wolverine Asset Management LLC boosted its stake in shares of Precision Drilling by 112.9% in the 4th quarter. Wolverine Asset Management LLC now owns 802 shares of the oil and gas company’s stock worth $58,000 after buying an additional 7,000 shares during the last quarter. Finally, US Bancorp DE grew 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 acquiring an additional 408 shares in the last quarter. Institutional investors own 48.86% of the company’s stock.

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.