Precision Drilling Corporation (NYSE:PDS) Receives Average Recommendation of "Moderate Buy" from Analysts

Key Points

• Analyst consensus is “Moderate Buy” for Precision Drilling, based on eight firms: four buys, one strong buy, one hold and two sell ratings. The average 12-month price target is $122.33.
• Precision Drilling shares opened at $77.59, versus a 52-week range of $52.53 to $103.80; the stock’s 50-day and 200-day moving averages are $84.44 and $87.89, respectively.
• Institutional investors own 48.86% of the company, with several funds—including JPMorgan Chase and Hillsdale Investment Management—recently increasing their positions.

Shares of Precision Drilling Corporation (NYSE:PDS - Get Free Report) TSE: PD have earned an average rating of "Moderate Buy" from the eight research firms that are currently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $122.3333.

A number of analysts have commented on the stock. Wall Street Zen upgraded shares of Precision Drilling from a "hold" rating to a "buy" rating in a research note on Saturday. Zacks Research lowered shares of Precision Drilling from a "hold" rating to a "strong sell" rating in a research note on Wednesday, July 1st. Weiss Ratings downgraded shares of Precision Drilling from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday, June 23rd. BMO Capital Markets reiterated an "outperform" rating on shares of Precision Drilling in a research note on Thursday, April 30th. Finally, TD Securities reiterated a "hold" rating on shares of Precision Drilling in a report on Friday, May 1st.

Precision Drilling Price Performance

NYSE:PDS opened at $77.59 on Tuesday. The stock has a market capitalization of $997.10 million, a PE ratio of -37.13 and a beta of 0.78. Precision Drilling has a 1-year low of $52.53 and a 1-year high of $103.80. The firm has a fifty day simple moving average of $84.44 and a 200 day simple moving average of $87.89. The company has a current ratio of 1.46, a quick ratio of 1.29 and a debt-to-equity ratio of 0.39.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. lifted its stake in shares of Precision Drilling by 180.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 37,579 shares of the oil and gas company's stock worth $2,118,000 after buying an additional 24,203 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in Precision Drilling by 11,668,900.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 116,690 shares of the oil and gas company's stock valued at $8,388,000 after buying an additional 116,689 shares during the last quarter. Equinox Partners Investment Management LLC acquired a new position in Precision Drilling in the 4th quarter valued at about $2,161,000. Hillsdale Investment Management Inc. raised its holdings in 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 period. Finally, Versor Investments LP bought a new position in Precision Drilling in the 4th quarter valued at about $475,000. 48.86% of the stock is currently owned by institutional investors.

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.

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