Precision Drilling (TSE:PD) Shares Cross Below 200-Day Moving Average - Here's What Happened

Key Points

• Precision Drilling shares fell below their 200-day moving average of C$121.90, reaching C$115.97 before last trading at C$117.30.
• Analyst views remain moderately bullish: three analysts rate the stock Buy and three Hold, producing a consensus rating of Moderate Buy and an average price target of C$148.00.
• The company reported a quarterly loss of C$0.52 per share on revenue of C$452.80 million, alongside a negative net margin of 1.71% and negative return on equity of 2.03%.

Shares of Precision Drilling Co. (TSE:PD - Get Free Report) NYSE: PDS crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$121.90 and traded as low as C$115.97. Precision Drilling shares last traded at C$117.30, with a volume of 60,116 shares.

Analyst Ratings Changes

Several brokerages recently issued reports on PD. National Bank Financial lifted their price target on shares of 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. BMO Capital Markets increased their price objective on shares of Precision Drilling from C$160.00 to C$165.00 in a research note on Thursday, April 30th. TD cut their target price on shares of Precision Drilling from C$124.00 to C$116.00 and set a "hold" rating on the stock in a research report on Thursday, July 30th. Canadian Imperial Bank of Commerce cut their target price on shares of Precision Drilling from C$160.00 to C$155.00 in a research report on Thursday, July 30th. Finally, ATB Cormark Capital Markets decreased their target price on shares of 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. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of C$148.00.

Precision Drilling Stock Up 1.7%

The firm has a market capitalization of C$1.51 billion, a price-to-earnings ratio of -49.70, a P/E/G ratio of -3.24 and a beta of 0.34. The stock has a fifty day moving average of C$115.71 and a two-hundred day moving average of C$121.90. The company has a debt-to-equity ratio of 43.54, a current ratio of 1.46 and a quick ratio of 1.36.

Precision Drilling (TSE:PD - Get Free Report) NYSE: PDS last announced its earnings results on Wednesday, July 29th. The company reported C($0.52) earnings per share (EPS) 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%.

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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