Precision Drilling (TSE:PD) Sets New 52-Week High - Should You Buy?

Key Points

• Precision Drilling shares reached a new 52-week high of C$147.71, up from a previous close of C$140.02, with the stock last trading at C$146.47.
• Analyst sentiment is broadly positive: the stock carries an average “Buy” rating from six analysts, with an average price target of C$156.62. Recent upgrades included National Bank Financial’s C$185 target and TD’s move to a “Buy” rating.
• The company reported quarterly earnings of C$1.65 per share on revenue of C$531.65 million, but continues to show 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 hit a new 52-week high during trading on Wednesday. The stock traded as high as C$147.71 and last traded at C$146.47, with a volume of 103,872 shares trading hands. The stock had previously closed at C$140.02.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PD. ATB Cormark Capital Markets cut their price objective on Precision Drilling from C$165.00 to C$160.00 and set an "outperform" rating for the company in a research report on Thursday, July 30th. Canadian Imperial Bank of Commerce reduced their price objective on Precision Drilling from C$160.00 to C$155.00 in a research note on Thursday, July 30th. National Bank Financial raised Precision Drilling from a "hold" rating to an "outperform" rating and raised their price objective for the company from C$150.00 to C$185.00 in a research note on Monday. TD upgraded shares of Precision Drilling from a "hold" rating to a "buy" rating and upped their price target for the company from C$116.00 to C$150.00 in a report on Tuesday, October 20th. Finally, TD Securities raised Precision Drilling from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, October 20th. One research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company's stock. According to MarketBeat.com, Precision Drilling presently has an average rating of "Buy" and an average target price of C$156.62.

Precision Drilling Price Performance

The firm has a fifty day simple moving average of C$122.80 and a 200 day simple moving average of C$121.09. The company has a market capitalization of C$1.84 billion, a PE ratio of -62.05, a P/E/G ratio of -3.24 and a beta of 0.59. The company has a debt-to-equity ratio of 43.54, a quick ratio of 1.36 and a current ratio of 1.46.

Precision Drilling (TSE:PD - Get Free Report) NYSE: PDS last issued its earnings results on Wednesday, October 28th. The company reported C$1.65 earnings per share for the quarter. The business had revenue of C$531.65 million during 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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