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

Key Points

• Precision Drilling Corporation has received a consensus rating of "Moderate Buy" from six research firms, with an average 12-month price target of $87.00.
• The company reported earnings of $0.77 per share for the last quarter, significantly beating expectations of a loss of $0.02, though revenue fell short of estimates at $299.14 million.
• Recent institutional trading activity includes significant increases in stakes from firms like National Bank of Canada, raising its investment by 1.4% during the first quarter.

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

A number of research analysts have issued reports on the company. Royal Bank Of Canada lifted their price objective on Precision Drilling from $89.00 to $100.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Zacks Research cut Precision Drilling from a "strong-buy" rating to a "hold" rating in a report on Monday, September 15th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Precision Drilling in a research note on Saturday, September 27th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $74.00 target price (up from $72.00) on shares of Precision Drilling in a research note on Thursday, August 14th.

Precision Drilling Price Performance

NYSE:PDS opened at $57.52 on Wednesday. The company has a 50-day moving average of $56.48 and a 200-day moving average of $49.66. The company has a market capitalization of $758.06 million, a price-to-earnings ratio of 12.11 and a beta of 1.11. Precision Drilling has a 52 week low of $36.20 and a 52 week high of $67.35. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.90 and a current ratio of 1.01.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last released its quarterly earnings data 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. The company had revenue of $299.14 million for the quarter, compared to the consensus estimate of $435.47 million. Precision Drilling had a return on equity of 6.21% and a net margin of 5.67%. As a group, equities research analysts anticipate that Precision Drilling will post 7.1 earnings per share for the current fiscal year.

Institutional Trading of Precision Drilling

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. National Bank of Canada FI raised its holdings in Precision Drilling by 1.4% during the 1st quarter. National Bank of Canada FI now owns 739,842 shares of the oil and gas company's stock worth $34,093,000 after purchasing an additional 10,216 shares during the last quarter. Nuveen LLC bought a new stake in shares of Precision Drilling during the first quarter worth approximately $22,637,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Precision Drilling by 275.5% during the second quarter. Arrowstreet Capital Limited Partnership now owns 387,598 shares of the oil and gas company's stock worth $18,338,000 after buying an additional 284,384 shares during the last quarter. Aegis Financial Corp raised its stake in shares of Precision Drilling by 10.2% during the second quarter. Aegis Financial Corp now owns 215,396 shares of the oil and gas company's stock worth $10,182,000 after buying an additional 19,891 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new stake in shares of Precision Drilling during the 1st quarter valued at $6,813,000. 48.86% of the stock is owned by institutional investors.

Precision Drilling Company Profile

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.

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