Precision Drilling Corporation (NYSE:PDS) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Precision Drilling Corporation (NYSE:PDS) has received an average analyst recommendation of "Buy," with one hold, three buy, and one strong buy ratings from five brokerages.
• The average target price for the stock among analysts is $87.00, with recent upgrades from Zacks Research and Piper Sandler raising their price targets.
• Precision Drilling reported earnings of $0.77 per share for the last quarter, significantly exceeding analysts' expectations, and had revenues of $299.14 million against a consensus estimate of $435.47 million.

Shares of Precision Drilling Corporation (NYSE:PDS - Get Free Report) TSE: PD have been given an average recommendation of "Moderate Buy" by the five ratings firms that are presently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $87.00.

PDS has been the subject of a number of research analyst reports. Zacks Research lowered shares of Precision Drilling from a "strong-buy" rating to a "hold" rating in a research note on Monday. Royal Bank Of Canada boosted their target price on Precision Drilling from $89.00 to $100.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Finally, Piper Sandler restated an "overweight" rating and set a $74.00 target price (up previously from $72.00) on shares of Precision Drilling in a report on Thursday, August 14th.

Precision Drilling Stock Down 0.4%

Shares of PDS traded down $0.21 on Friday, hitting $57.72. The company's stock had a trading volume of 18,095 shares, compared to its average volume of 110,738. The firm's fifty day moving average price is $54.72 and its 200-day moving average price is $48.42. Precision Drilling has a fifty-two week low of $36.20 and a fifty-two week high of $67.46. The company has a quick ratio of 0.90, a current ratio of 1.01 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $760.74 million, a price-to-earnings ratio of 12.14 and a beta of 1.15.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last announced its quarterly earnings results on Tuesday, July 29th. The oil and gas company reported $0.77 earnings per share for the quarter, beating analysts' consensus estimates of ($0.02) by $0.79. Precision Drilling had a net margin of 5.67% and a return on equity of 6.21%. The firm had revenue of $299.14 million for the quarter, compared to analyst estimates of $435.47 million. On average, equities research analysts expect that Precision Drilling will post 7.1 EPS for the current year.

Institutional Investors Weigh In On Precision Drilling

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Jane Street Group LLC increased its holdings in Precision Drilling by 4.5% during the fourth quarter. Jane Street Group LLC now owns 17,183 shares of the oil and gas company's stock worth $1,049,000 after buying an additional 743 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of Precision Drilling during the 4th quarter worth about $1,521,000. Bank of America Corp DE lifted its holdings in Precision Drilling by 33.3% during the 4th quarter. Bank of America Corp DE now owns 396,072 shares of the oil and gas company's stock worth $24,188,000 after purchasing an additional 98,836 shares during the last quarter. Balyasny Asset Management L.P. acquired a new position in Precision Drilling in the 4th quarter valued at $485,000. Finally, D. E. Shaw & Co. Inc. increased its position in shares of Precision Drilling by 618.2% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 39,500 shares of the oil and gas company's stock worth $2,415,000 after purchasing an additional 34,000 shares during the period. Institutional investors own 48.86% of the company's stock.

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.