Royal Bank Of Canada Boosts Precision Drilling (NYSE:PDS) Price Target to $100.00

Key Points

• Royal Bank Of Canada has raised the price target for Precision Drilling from $89.00 to $100.00, indicating a potential upside of 79.21% from its recent closing price.
• Analysts' consensus rating for Precision Drilling is currently a "Moderate Buy," with a consensus target price of $86.00 and multiple brokerages weighing in on the stock’s performance.
• Precision Drilling recently reported earnings of $0.77 per share, significantly beating analysts' expectations of a loss, though its revenue fell short of forecasts at $299.14 million.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD had its target price lifted by stock analysts at Royal Bank Of Canada from $89.00 to $100.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an "outperform" rating on the oil and gas company's stock. Royal Bank Of Canada's price objective would suggest a potential upside of 79.21% from the company's previous close.

Several other brokerages have also recently commented on PDS. Raymond James Financial cut shares of Precision Drilling from a "strong-buy" rating to an "outperform" rating in a research note on Wednesday, April 9th. Piper Sandler began coverage on shares of Precision Drilling in a report on Tuesday, July 15th. They issued an "overweight" rating and a $72.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $86.00.

Precision Drilling Stock Performance

NYSE:PDS traded down $0.22 during trading hours on Thursday, reaching $55.80. The company had a trading volume of 60,931 shares, compared to its average volume of 119,192. The company has a current ratio of 0.91, a quick ratio of 0.82 and a debt-to-equity ratio of 0.33. Precision Drilling has a 52 week low of $36.20 and a 52 week high of $79.07. The firm has a market cap of $741.53 million, a price-to-earnings ratio of 11.75 and a beta of 1.06. The firm's 50 day moving average price is $48.85 and its 200-day moving average price is $48.99.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last released its earnings results on Tuesday, July 29th. The oil and gas company reported $0.77 earnings per share for the quarter, beating analysts' consensus estimates of ($0.02) by $0.79. Precision Drilling had a net margin of 5.67% and a return on equity of 6.21%. The company had revenue of $299.14 million for the quarter, compared to analysts' expectations of $435.47 million. On average, analysts forecast that Precision Drilling will post 7.1 EPS for the current year.

Hedge Funds Weigh In On Precision Drilling

A number of hedge funds have recently added to or reduced their stakes in PDS. Cubist Systematic Strategies LLC bought a new position in Precision Drilling in the 1st quarter worth about $45,000. Aquatic Capital Management LLC purchased a new stake in shares of Precision Drilling in the 4th quarter worth approximately $71,000. Deutsche Bank AG purchased a new stake in shares of Precision Drilling in the 4th quarter worth approximately $85,000. Signaturefd LLC lifted its position in shares of Precision Drilling by 52.4% in the 2nd quarter. Signaturefd LLC now owns 2,230 shares of the oil and gas company's stock worth $105,000 after purchasing an additional 767 shares during the period. Finally, Aristides Capital LLC purchased a new stake in shares of Precision Drilling in the 1st quarter worth approximately $252,000. 48.86% of the stock is currently owned by institutional investors.

Precision Drilling Company Profile

Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates through Contract Drilling Services and Completion and Production Services segments.

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