Precision Drilling (TSE:PD) Share Price Crosses Below Two Hundred Day Moving Average - What's Next?

Key Points

• Precision Drilling shares fell below their 200-day moving average, trading as low as C$105.79 and closing at C$107.68 versus the C$121.61 average.
• Analyst views remain generally positive, with a consensus rating of “Moderate Buy” and an average price target of C$148.00, despite several recent target reductions.
• The company reported a quarterly loss of C$0.52 per share on C$452.8 million in revenue, along with a negative net margin of 1.71% and negative return on equity of 2.03%.

Precision Drilling Co. (TSE:PD - Get Free Report) NYSE: PDS shares passed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of C$121.61 and traded as low as C$105.79. Precision Drilling shares last traded at C$107.68, with a volume of 90,451 shares changing hands.

Analysts Set New Price Targets

Several analysts have commented on PD shares. Canadian Imperial Bank of Commerce lowered their target price on shares of Precision Drilling from C$160.00 to C$155.00 in a research note on Thursday, July 30th. ATB Cormark Capital Markets reduced their price target on Precision Drilling from C$165.00 to C$160.00 and set an "outperform" rating on the stock in a research note on Thursday, July 30th. Raymond James Financial raised their price objective on Precision Drilling from C$162.00 to C$165.00 and gave the stock an "outperform" rating in a report on Friday, May 1st. BMO Capital Markets lifted their price objective on Precision Drilling from C$160.00 to C$165.00 in a research report on Thursday, April 30th. Finally, TD dropped their target price on Precision Drilling from C$124.00 to C$116.00 and set a "hold" rating for the company in a research note on Thursday, July 30th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of C$148.00.

Precision Drilling Trading Up 2.6%

The business's fifty day moving average is C$117.62 and its 200-day moving average is C$121.61. The stock has a market capitalization of C$1.38 billion, a PE ratio of -45.63, a P/E/G ratio of -3.24 and a beta of 0.34. The company has a quick ratio of 1.36, a current ratio of 1.46 and a debt-to-equity ratio of 43.54.

Precision Drilling (TSE:PD - Get Free Report) NYSE: PDS last posted its quarterly earnings results on Wednesday, July 29th. The company reported C($0.52) earnings per share for the quarter. The company had revenue of C$452.80 million for the quarter. Precision Drilling had a negative return on equity of 2.03% and a negative net margin of 1.71%.

Precision Drilling Company Profile

Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha¿ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen¿ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations.

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