Precision Drilling Corporation (NYSE:PDS) Stock Now Rated "Moderate Buy" by Sell-Side Analysts

Key Points

• Analysts give Precision Drilling a “Moderate Buy” consensus: Six of nine covering firms rate the stock a buy and three recommend hold; their average 12-month price target is $129.60.
• Recent brokerage views were mixed: some firms upgraded the stock or raised price targets, while Freedom Broker downgraded it from buy to hold.
• Several institutional investors increased their holdings, and institutions collectively own 48.86% of the company’s stock.

Shares of Precision Drilling Corporation (NYSE:PDS - Get Free Report) TSE: PD have been assigned a consensus recommendation of "Moderate Buy" from the nine ratings firms that are currently covering the stock, Marketbeat reports. Three analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $129.60.

Several brokerages have recently issued reports on PDS. Freedom Broker lowered Precision Drilling from a "buy" rating to a "hold" rating and increased their target price for the stock from $116.00 to $121.00 in a research report on Friday, October 30th. Zacks Research upgraded Precision Drilling from a "strong sell" rating to a "hold" rating in a research report on Monday, September 28th. Weiss Ratings upgraded Precision Drilling from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday. Piper Sandler upped their price target on Precision Drilling from $105.00 to $115.00 and gave the stock an "overweight" rating in a research note on Tuesday, November 3rd. Finally, National Bank Financial upgraded Precision Drilling from a "sector perform" rating to an "outperform" rating in a report on Monday, October 26th.

Institutional Trading of Precision Drilling

A number of hedge funds have recently modified their holdings of PDS. Arrowstreet Capital Limited Partnership increased its stake in shares of Precision Drilling by 24.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 373,936 shares of the oil and gas company's stock worth $36,803,000 after acquiring an additional 73,084 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Precision Drilling by 37.0% during the first 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. Bank of America Corp DE boosted its stake in Precision Drilling by 129.5% during the first quarter. Bank of America Corp DE now owns 114,706 shares of the oil and gas company's stock worth $11,287,000 after acquiring an additional 64,735 shares in the last quarter. Lazard Asset Management LLC grew its holdings 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 worth $2,499,000 after purchasing an additional 21,425 shares during the period. Finally, Engineers Gate Manager LP grew its holdings in Precision Drilling by 70.8% in the second quarter. Engineers Gate Manager LP now owns 31,802 shares of the oil and gas company's stock worth $2,438,000 after purchasing an additional 13,188 shares during the period. Institutional investors own 48.86% of the company's stock.

Precision Drilling Price Performance

PDS stock opened at $94.82 on Thursday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.48 and a quick ratio of 1.32. Precision Drilling has a 1 year low of $56.10 and a 1 year high of $112.03. The firm has a 50-day moving average of $89.30 and a 200 day moving average of $88.49. The company has a market cap of $1.19 billion, a P/E ratio of -175.59 and a beta of 0.89.

Precision Drilling Company Profile

Precision Drilling Corporation is a Canadian oilfield services company that provides contract drilling and well servicing to the oil and natural gas industry. Its drilling operations include land rigs and related services used to drill wells, while its completion and production services support well maintenance and ongoing operations. The company also provides equipment rentals and other services for oilfield operations. Precision Drilling serves customers in Canada and the United States, as well as selected international markets.

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