Precision Drilling (TSE:PD) Share Price Passes Below 200-Day Moving Average - Here's What Happened

Key Points

• Precision Drilling shares fell below their 200-day moving average, trading as low as C$101.22 and last changing hands at C$102.90, down 7.0%.
• Analysts remain generally positive, with a “Moderate Buy” consensus and an average price target of C$150.25, despite some target revisions.
• The company reported a quarterly loss of C$0.52 per share on revenue of C$452.8 million, alongside negative net margin and return on equity.

Shares of Precision Drilling Co. (TSE:PD - Get Free Report) NYSE: PDS crossed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$121.37 and traded as low as C$101.22. Precision Drilling shares last traded at C$102.90, with a volume of 246,650 shares trading hands.

Analysts Set New Price Targets

Several research firms have issued reports on PD. BMO Capital Markets raised their price target on shares of Precision Drilling from C$160.00 to C$165.00 in a research note on Thursday, April 30th. Royal Bank Of Canada boosted their price objective on shares of Precision Drilling from C$140.00 to C$150.00 and gave the company an "outperform" rating in a research report on Tuesday, April 14th. ATB Cormark Capital Markets decreased their target price on shares of Precision Drilling from C$175.00 to C$165.00 and set an "outperform" rating on the stock in a research report on Friday, July 10th. Raymond James Financial lifted their target price on shares of Precision Drilling from C$162.00 to C$165.00 and gave the stock an "outperform" rating in a research note on Friday, May 1st. Finally, National Bank Financial boosted their price target on Precision Drilling from C$140.00 to C$150.00 and gave the company a "sector perform" rating in a report on Friday, May 1st. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of C$150.25.

Precision Drilling Stock Down 7.0%

The company has a debt-to-equity ratio of 45.24, a quick ratio of 1.36 and a current ratio of 1.70. The company has a market cap of C$1.33 billion, a PE ratio of -98.94, a PEG ratio of -3.24 and a beta of 0.42. The firm has a fifty day simple moving average of C$120.11 and a 200 day simple moving average of C$121.37.

Precision Drilling (TSE:PD - Get Free Report) NYSE: PDS last announced its quarterly earnings data on Wednesday, July 29th. The company reported C($0.52) earnings per share for the quarter. Precision Drilling had a negative return on equity of 0.94% and a negative net margin of 0.82%.The company had revenue of C$452.80 million for the quarter.

About Precision Drilling

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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