Precision Drilling (NYSE:PDS) Sets New 12-Month High - What's Next?

Key Points

• Precision Drilling reached a new 52-week high of $105.23, trading about 3.6% higher, with a market capitalization of approximately $1.30 billion.
• Analyst sentiment is mixed but leans positive: the stock has a consensus “Moderate Buy” rating and a $129.25 target price, while TD Securities raised its target to $150.
• The company missed quarterly EPS expectations, reporting a loss of $0.38 per share versus an expected $0.43 profit, though revenue of $319.15 million exceeded estimates; institutional investors own 48.86% of shares.

Precision Drilling Corporation (NYSE:PDS - Get Free Report) TSE: PD reached a new 52-week high during trading on Wednesday. The company traded as high as $105.23 and last traded at $104.3810, with a volume of 140,695 shares trading hands. The stock had previously closed at $99.96.

Analysts Set New Price Targets

A number of brokerages have recently commented on PDS. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Precision Drilling in a report on Friday, September 18th. BMO Capital Markets reissued an "outperform" rating on shares of Precision Drilling in a report on Wednesday. Zacks Research upgraded Precision Drilling from a "strong sell" rating to a "hold" rating in a research report on Monday, September 28th. Wall Street Zen cut Precision Drilling from a "buy" rating to a "hold" rating in a research report on Sunday, August 9th. Finally, TD Securities raised Precision Drilling from a "hold" rating to a "buy" rating and upped their price objective for the company from $116.00 to $150.00 in a research note on Tuesday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $129.25.

Precision Drilling Trading Up 3.6%

The business's 50-day moving average is $87.63 and its two-hundred day moving average is $87.23. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.29 and a current ratio of 1.46. The stock has a market capitalization of $1.30 billion, a PE ratio of -49.56 and a beta of 0.95.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last announced its quarterly earnings data on Tuesday, July 28th. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.81). Precision Drilling had a negative net margin of 1.68% and a positive return on equity of 2.11%. The firm had revenue of $319.15 million during the quarter, compared to analyst estimates of $310.70 million. As a group, equities research analysts anticipate that Precision Drilling Corporation will post 4.71 earnings per share for the current year.

Institutional Investors Weigh In On Precision Drilling

A number of hedge funds have recently added to or reduced their stakes in PDS. Hillsdale Investment Management Inc. raised its stake in shares of Precision Drilling by 67.0% during the 1st quarter. Hillsdale Investment Management Inc. now owns 487,434 shares of the oil and gas company's stock worth $47,957,000 after buying an additional 195,598 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Precision Drilling by 24.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 373,936 shares of the oil and gas company's stock valued at $36,803,000 after buying an additional 73,084 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Precision Drilling by 37.0% during the first quarter. Dimensional Fund Advisors LP now owns 288,013 shares of the oil and gas company's stock worth $28,340,000 after acquiring an additional 77,775 shares during the period. Bank of America Corp DE grew its holdings in Precision Drilling by 129.5% during the first quarter. Bank of America Corp DE now owns 114,706 shares of the oil and gas company's stock worth $11,287,000 after acquiring an additional 64,735 shares during the period. Finally, Equinox Partners Investment Management LLC grew its holdings in Precision Drilling by 116.6% during the first quarter. Equinox Partners Investment Management LLC now owns 65,211 shares of the oil and gas company's stock worth $6,415,000 after acquiring an additional 35,100 shares during the period. Institutional investors and hedge funds own 48.86% of the company's stock.

Precision Drilling Company Profile

Precision Drilling Corporation is an oilfield services company headquartered in Calgary, Alberta. The company provides contract drilling and related services to oil and natural gas exploration and production companies, with operations serving customers primarily in Canada and the United States as well as selected international markets.

Its Contract Drilling Services segment operates land-based drilling rigs and provides associated equipment, personnel and technical expertise. Precision also offers directional drilling and other technologies designed to support the construction of complex horizontal and extended-reach wells.

Through its Completion and Production Services business, the company provides well servicing, snubbing, rental equipment, camp and catering services, and other support activities used during well completion, maintenance and production.

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