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

Key Points

• Wall Street Zen upgraded Precision Drilling (PDS) from a "hold" to a "buy" in the most recent research note, joining other analysts taking fresh stances on the stock.
• The stock carries a consensus rating of Moderate Buy with an average analyst target of $117.00; recent price targets include $105 (Piper Sandler) and $122 (Loop Capital), and the ratings mix is 1 Strong Buy, 4 Buy, 2 Hold, and 1 Sell.
• Recent results showed an EPS beat ($1.37 vs. $1.11 estimate) but revenue missed ($349.37M vs. $489.80M); shares opened at $92.54, trading near the 52-week high of $93.89, with a market cap of about $1.19 billion.

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

Several other research analysts also recently weighed in on the stock. TD Securities restated a "hold" rating on shares of Precision Drilling in a report on Thursday, February 12th. Zacks Research upgraded shares of Precision Drilling from a "strong sell" rating to a "hold" rating in a report on Friday, January 30th. Weiss Ratings downgraded shares of Precision Drilling from a "hold (c)" rating to a "sell (d+)" rating in a research report on Thursday. Piper Sandler restated an "overweight" rating and issued a $105.00 target price (up from $81.00) on shares of Precision Drilling in a report on Tuesday, February 17th. Finally, Loop Capital set a $122.00 price target on shares of Precision Drilling in a research report on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $117.00.

Precision Drilling Trading Up 0.2%

Shares of Precision Drilling stock opened at $92.54 on Friday. The stock has a market capitalization of $1.19 billion, a PE ratio of -237.27 and a beta of 1.01. Precision Drilling has a 52 week low of $36.20 and a 52 week high of $93.89. The stock has a 50 day moving average price of $82.61 and a two-hundred day moving average price of $68.25. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.46 and a current ratio of 1.62.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last issued its earnings results on Wednesday, February 11th. The oil and gas company reported $1.37 earnings per share for the quarter, topping analysts' consensus estimates of $1.11 by $0.26. Precision Drilling had a return on equity of 4.12% and a net margin of 0.05%.The company had revenue of $349.37 million for the quarter, compared to analyst estimates of $489.80 million. As a group, equities analysts anticipate that Precision Drilling will post 7.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Precision Drilling

Hedge funds have recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership lifted its position 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 valued at $18,338,000 after purchasing an additional 284,384 shares in the last quarter. Aegis Financial Corp grew its position in Precision Drilling by 110.0% in the 3rd quarter. Aegis Financial Corp now owns 452,359 shares of the oil and gas company's stock worth $25,486,000 after purchasing an additional 236,963 shares in the last quarter. Picton Mahoney Asset Management increased its stake in Precision Drilling by 100.0% in the 3rd quarter. Picton Mahoney Asset Management now owns 245,981 shares of the oil and gas company's stock valued at $13,851,000 after buying an additional 122,974 shares during the last quarter. Beirne Wealth Consulting Services LLC purchased a new stake in Precision Drilling in the 3rd quarter valued at about $325,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Precision Drilling during the 3rd quarter worth approximately $583,000. 48.86% of the stock is owned by hedge funds and other institutional investors.

About Precision Drilling

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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