Precision Drilling (TSE:PD) Share Price Crosses Above 50 Day Moving Average - Here's What Happened

Key Points

• Precision Drilling shares crossed above their 50-day moving average, reaching C$125.30 before last trading at C$121.40 on volume of 63,431 shares.
• Analyst sentiment is moderately positive, with three Buy and three Hold ratings and an average price target of C$148.00. Recent target changes ranged from C$116.00 to C$165.00.
• The company reported a quarterly loss of C$0.52 per share on C$452.8 million in revenue, 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 passed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of C$114.57 and traded as high as C$125.30. Precision Drilling shares last traded at C$121.40, with a volume of 63,431 shares trading hands.

Wall Street Analyst Weigh In

A number of analysts have commented on PD shares. Raymond James Financial lifted their target price on Precision Drilling from C$162.00 to C$165.00 and gave the stock an "outperform" rating in a report on Friday, May 1st. National Bank Financial upped 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. BMO Capital Markets increased their price objective on Precision Drilling from C$160.00 to C$165.00 in a research report on Thursday, April 30th. TD reduced their price objective on Precision Drilling from C$124.00 to C$116.00 and set a "hold" rating for the company in a report on Thursday, July 30th. Finally, ATB Cormark Capital Markets decreased their target price 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. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of C$148.00.

Precision Drilling Stock Performance

The company has a market cap of C$1.56 billion, a P/E ratio of -51.44, a P/E/G ratio of -3.24 and a beta of 0.34. The company has a quick ratio of 1.36, a current ratio of 1.46 and a debt-to-equity ratio of 43.54. The business has a fifty day simple moving average of C$114.57 and a two-hundred day simple moving average of C$122.60.

Precision Drilling (TSE:PD - Get Free Report) NYSE: PDS last released its quarterly earnings results on Wednesday, July 29th. The company reported C($0.52) earnings per share (EPS) for the quarter. Precision Drilling had a negative net margin of 1.71% and a negative return on equity of 2.03%. The firm had revenue of C$452.80 million for the quarter.

Precision Drilling Company Profile

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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