Precision Drilling (NYSE:PDS) Sets New 1-Year High – What’s Next?
by Doug Wharley · The Cerbat GemPrecision Drilling Corporation (NYSE:PDS – Get Free Report) (TSE:PD)’s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $71.82 and last traded at $71.65, with a volume of 5335 shares traded. The stock had previously closed at $70.62.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on PDS shares. Royal Bank Of Canada lifted their price target on Precision Drilling from $110.00 to $117.00 and gave the company an “outperform” rating in a research note on Friday, October 24th. Zacks Research upgraded Precision Drilling from a “strong sell” rating to a “hold” rating in a report on Thursday, November 27th. Wall Street Zen downgraded Precision Drilling from a “buy” rating to a “hold” rating in a report on Sunday, October 26th. TD Securities reissued a “hold” rating on shares of Precision Drilling in a research report on Thursday, October 23rd. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Precision Drilling in a report on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $99.00.
Precision Drilling Stock Down 0.3%
The company has a quick ratio of 1.42, a current ratio of 1.58 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $932.15 million, a PE ratio of 26.70 and a beta of 0.97. The stock has a 50-day moving average of $63.31 and a 200 day moving average of $57.36.
Precision Drilling (NYSE:PDS – Get Free Report) (TSE:PD) last posted its quarterly earnings data on Wednesday, October 22nd. The oil and gas company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of $1.20 by ($1.57). Precision Drilling had a return on equity of 3.44% and a net margin of 3.17%.The business had revenue of $331.90 million during the quarter, compared to analysts’ expectations of $471.38 million. Sell-side analysts anticipate that Precision Drilling Corporation will post 7.1 EPS for the current year.
Institutional Trading of Precision Drilling
Large investors have recently added to or reduced their stakes in the stock. Trexquant Investment LP boosted its stake in Precision Drilling by 169.8% in the first quarter. Trexquant Investment LP now owns 49,144 shares of the oil and gas company’s stock valued at $2,291,000 after acquiring an additional 30,931 shares during the last quarter. Vident Advisory LLC lifted its stake in Precision Drilling by 8.2% in the first quarter. Vident Advisory LLC now owns 6,766 shares of the oil and gas company’s stock valued at $315,000 after purchasing an additional 512 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new position in Precision Drilling in the first quarter valued at approximately $45,000. PDT Partners LLC grew its holdings in Precision Drilling by 15.8% during the first quarter. PDT Partners LLC now owns 18,276 shares of the oil and gas company’s stock valued at $852,000 after purchasing an additional 2,492 shares during the period. Finally, K2 Principal Fund L.P. increased its position in Precision Drilling by 26.8% in the first quarter. K2 Principal Fund L.P. now owns 61,446 shares of the oil and gas company’s stock worth $2,865,000 after buying an additional 13,000 shares during the last quarter. Hedge funds and other institutional investors own 48.86% of the company’s stock.
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.