Precision Drilling (NYSE:PDS) Hits New 12-Month High at $77.21

Precision Drilling Co. (NYSE:PDS - Get Free Report) TSE: PD hit a new 52-week high on Tuesday . The company traded as high as $77.21 and last traded at $77.18, with a volume of 4084 shares changing hands. The stock had previously closed at $76.52.

Analyst Ratings Changes

Separately, Piper Sandler reduced their price target on shares of Precision Drilling from $100.00 to $81.00 and set an "overweight" rating for the company in a research report on Tuesday, February 20th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $118.00.

Precision Drilling Price Performance

The stock has a market cap of $1.09 billion, a price-to-earnings ratio of 5.62 and a beta of 2.11. The stock's 50 day moving average price is $64.04 and its two-hundred day moving average price is $60.03. The company has a quick ratio of 1.30, a current ratio of 1.40 and a debt-to-equity ratio of 0.58.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last posted its quarterly earnings data on Tuesday, February 6th. The oil and gas company reported $3.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.09 by $1.36. The business had revenue of $372.34 million for the quarter, compared to the consensus estimate of $355.78 million. Precision Drilling had a net margin of 14.87% and a return on equity of 14.81%. Equities research analysts forecast that Precision Drilling Co. will post 6.82 EPS for the current fiscal year.

Institutional Investors Weigh In On Precision Drilling

A number of institutional investors have recently made changes to their positions in the stock. Ninepoint Partners LP acquired a new position in shares of Precision Drilling in the fourth quarter valued at approximately $74,649,000. Acadian Asset Management LLC grew its holdings in shares of Precision Drilling by 95.0% in the third quarter. Acadian Asset Management LLC now owns 466,048 shares of the oil and gas company's stock valued at $31,344,000 after purchasing an additional 227,077 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Precision Drilling by 160.3% in the first quarter. Bank of America Corp DE now owns 235,475 shares of the oil and gas company's stock valued at $12,108,000 after purchasing an additional 145,027 shares in the last quarter. Quadrature Capital Ltd grew its holdings in shares of Precision Drilling by 63.1% in the second quarter. Quadrature Capital Ltd now owns 224,600 shares of the oil and gas company's stock valued at $10,947,000 after purchasing an additional 86,900 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of Precision Drilling by 1,501.2% in the third quarter. American Century Companies Inc. now owns 223,116 shares of the oil and gas company's stock valued at $14,950,000 after purchasing an additional 209,182 shares in the last quarter. 48.86% of the stock is currently owned by institutional investors and hedge funds.

About Precision Drilling

Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates through Contract Drilling Services and Completion and Production Services segments.