Precision Drilling (TSE:PD) Stock Price Passes Above Fifty Day Moving Average - Here's Why

Key Points

• Precision Drilling's stock has recently crossed above its 50-day moving average, reaching a price of C$71.16, which is above its average of C$65.92.
• Analysts have generally downgraded Precision Drilling's target prices, with notable reductions from institutions like BMO Capital and Raymond James.
• The company maintains a market capitalization of C$1.01 billion, with a PE ratio of 4.19, indicating significant valuation metrics for investors.

Precision Drilling Co. (TSE:PD - Get Free Report) NYSE: PDS crossed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of C$65.92 and traded as high as C$72.13. Precision Drilling shares last traded at C$71.16, with a volume of 43,268 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on PD shares. BMO Capital Markets reduced their target price on Precision Drilling from C$100.00 to C$90.00 in a report on Thursday, April 17th. Raymond James Financial downgraded Precision Drilling from a "strong-buy" rating to an "outperform" rating and reduced their target price for the company from C$141.00 to C$124.00 in a report on Wednesday, April 9th. CIBC reduced their target price on Precision Drilling from C$115.00 to C$95.00 in a report on Thursday, April 10th. TD Securities reduced their price objective on Precision Drilling from C$89.00 to C$69.00 and set a "hold" rating for the company in a research note on Wednesday, April 16th. Finally, ATB Capital reduced their price objective on Precision Drilling from C$87.00 to C$84.00 and set an "outperform" rating for the company in a research note on Wednesday, July 2nd. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of C$93.00.

Precision Drilling Stock Performance

The company has a debt-to-equity ratio of 51.98, a quick ratio of 1.36 and a current ratio of 1.54. The firm has a 50 day moving average of C$65.92 and a 200-day moving average of C$69.11. The stock has a market capitalization of C$1.01 billion, a PE ratio of 4.19, a P/E/G ratio of -3.24 and a beta of 2.76.

Precision Drilling Company Profile

Precision Drilling Corp is a leader in North American oil and gas services. It is a provider of contract drilling and completion and production services primarily to oil and natural gas exploration and production companies in Canada. Its segments are Contract Drilling Services which is the majority key revenue generator and other segments include Completion and Production Services.

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