Precision Drilling (NYSE:PDS) Rating Increased to Buy at Wall Street Zen

Key Points

• Precision Drilling has been upgraded from a "hold" to a "buy" rating by Wall Street Zen, signaling increased confidence in the company's stock performance.
• The company currently holds a consensus rating of "Moderate Buy" from analysts, with an average target price of $87.00.
• Recent financial results showed Precision Drilling reporting earnings of $0.77 per share, significantly exceeding the consensus estimate, although revenues fell short of expectations.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD was upgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Saturday.

Several other research firms also recently weighed in on PDS. Zacks Research downgraded Precision Drilling from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 15th. Piper Sandler reissued an "overweight" rating and set a $74.00 target price (up previously from $72.00) on shares of Precision Drilling in a research report on Thursday, August 14th. Royal Bank Of Canada upped their price objective on Precision Drilling from $89.00 to $100.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Precision Drilling in a research report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Precision Drilling currently has a consensus rating of "Moderate Buy" and a consensus target price of $87.00.

Precision Drilling Stock Performance

NYSE PDS opened at $54.15 on Friday. The company has a market cap of $713.10 million, a P/E ratio of 11.40 and a beta of 1.11. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.90 and a current ratio of 1.01. The business's 50 day moving average price is $56.51 and its 200-day moving average price is $50.10. Precision Drilling has a fifty-two week low of $36.20 and a fifty-two week high of $67.35.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last released its earnings results on Tuesday, July 29th. The oil and gas company reported $0.77 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.79. The firm 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%. Sell-side analysts predict that Precision Drilling will post 7.1 earnings per share for the current year.

Hedge Funds Weigh In On Precision Drilling

Hedge funds and other institutional investors have recently made changes to their positions in the company. Cubist Systematic Strategies LLC bought a new position in shares of Precision Drilling during the 1st quarter worth $45,000. Raymond James Financial Inc. bought a new position in shares of Precision Drilling during the 2nd quarter worth $57,000. Signaturefd LLC grew its position in shares of Precision Drilling by 52.4% during the 2nd quarter. Signaturefd LLC now owns 2,230 shares of the oil and gas company's stock worth $105,000 after buying an additional 767 shares in the last quarter. Aristides Capital LLC bought a new position in shares of Precision Drilling during the 1st quarter worth $252,000. Finally, Vident Advisory LLC grew its position in shares of Precision Drilling by 8.2% during the 1st quarter. Vident Advisory LLC now owns 6,766 shares of the oil and gas company's stock worth $315,000 after buying an additional 512 shares in the last quarter. 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.

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