Precision Drilling (NYSE:PDS) Given New $115.00 Price Target at Piper Sandler

Key Points

• Piper Sandler raised Precision Drilling’s price target from $105 to $115 while maintaining an “overweight” rating, implying 17.64% upside from the prior close.
• Analyst sentiment is generally positive: six analysts rate the stock a Buy, two rate it Hold, and one rates it Sell, resulting in a consensus “Moderate Buy” rating and a $129.60 average target.
• Precision Drilling shares opened at $97.76, with a 12-month trading range of $56.10 to $112.03; institutional investors own approximately 48.86% of the company.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD had its price target upped by research analysts at Piper Sandler from $105.00 to $115.00 in a report issued on Tuesday, Benzinga reports. The firm currently has an "overweight" rating on the oil and gas company's stock. Piper Sandler's target price suggests a potential upside of 17.64% from the company's previous close.

Several other equities research analysts have also recently weighed in on the company. BMO Capital Markets reiterated an "outperform" rating on shares of Precision Drilling in a report on Wednesday, October 28th. TD Securities raised Precision Drilling from a "hold" rating to a "buy" rating and lifted their price objective for the company from $116.00 to $150.00 in a research report on Tuesday, October 20th. Weiss Ratings reissued a "sell (d+)" rating on shares of Precision Drilling in a research report on Friday, September 18th. Zacks Research raised Precision Drilling from a "strong sell" rating to a "hold" rating in a research note on Monday, September 28th. Finally, Wall Street Zen raised shares of Precision Drilling from a "hold" rating to a "buy" rating in a research report on Saturday. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Precision Drilling currently has a consensus rating of "Moderate Buy" and a consensus target price of $129.60.

Precision Drilling Stock Performance

Precision Drilling stock opened at $97.76 on Tuesday. The company has a market capitalization of $1.23 billion, a PE ratio of -181.03 and a beta of 0.95. The firm has a fifty day simple moving average of $88.82 and a two-hundred day simple moving average of $87.87. The company has a quick ratio of 1.29, a current ratio of 1.46 and a debt-to-equity ratio of 0.39. Precision Drilling has a twelve month low of $56.10 and a twelve month high of $112.03.

Hedge Funds Weigh In On Precision Drilling

Several large investors have recently modified their holdings of PDS. Bank of America Corp DE lifted its position in shares of Precision Drilling by 129.5% during the 1st quarter. Bank of America Corp DE now owns 114,706 shares of the oil and gas company's stock worth $11,287,000 after purchasing an additional 64,735 shares during the last quarter. Lazard Asset Management LLC raised its stake in Precision Drilling by 540.1% in the first quarter. Lazard Asset Management LLC now owns 25,392 shares of the oil and gas company's stock valued at $2,499,000 after buying an additional 21,425 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Precision Drilling by 37.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 288,013 shares of the oil and gas company's stock worth $28,340,000 after acquiring an additional 77,775 shares in the last quarter. Hillsdale Investment Management Inc. increased its holdings in shares of Precision Drilling by 67.0% in the 1st quarter. Hillsdale Investment Management Inc. now owns 487,434 shares of the oil and gas company's stock valued at $47,957,000 after acquiring an additional 195,598 shares during the last quarter. Finally, Janney Montgomery Scott LLC purchased a new stake in Precision Drilling during the first quarter worth approximately $823,000. Institutional investors own 48.86% of the company's stock.

Precision Drilling Company Profile

Precision Drilling Corporation is an oilfield services company headquartered in Calgary, Alberta. The company provides contract drilling and related services to oil and natural gas exploration and production companies, with operations serving customers primarily in Canada and the United States as well as selected international markets.

Its Contract Drilling Services segment operates land-based drilling rigs and provides associated equipment, personnel and technical expertise. Precision also offers directional drilling and other technologies designed to support the construction of complex horizontal and extended-reach wells.

Through its Completion and Production Services business, the company provides well servicing, snubbing, rental equipment, camp and catering services, and other support activities used during well completion, maintenance and production.

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