Precision Drilling (NYSE:PDS) Price Target Raised 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 - Free Report) TSE: PD had its price objective boosted by Royal Bank Of Canada from $89.00 to $100.00 in a research note published on Thursday,Benzinga reports. They currently have an outperform rating on the oil and gas company's stock.

PDS has been the topic of several other reports. Raymond James Financial cut shares of Precision Drilling from a "strong-buy" rating to an "outperform" rating in a research report 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $86.00.

Precision Drilling Stock Down 0.4%

PDS traded down $0.23 during trading on Thursday, hitting $53.95. The company had a trading volume of 3,347 shares, compared to its average volume of 118,592. The firm's 50-day moving average price is $49.39 and its 200 day moving average price is $48.62. The company has a quick ratio of 0.90, a current ratio of 1.01 and a debt-to-equity ratio of 0.33. Precision Drilling has a one year low of $36.20 and a one year high of $75.19. The company has a market capitalization of $717.00 million, a PE ratio of 11.36 and a beta of 1.15.

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

Institutional Investors Weigh In On Precision Drilling

A number of institutional investors and hedge funds have recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Precision Drilling by 2.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,388 shares of the oil and gas company's stock valued at $695,000 after purchasing an additional 250 shares during the period. Geode Capital Management LLC grew its stake in Precision Drilling by 6.1% in the 4th quarter. Geode Capital Management LLC now owns 7,285 shares of the oil and gas company's stock valued at $450,000 after buying an additional 418 shares during the last quarter. PCJ Investment Counsel Ltd. grew its stake in Precision Drilling by 2.9% in the 1st quarter. PCJ Investment Counsel Ltd. now owns 16,830 shares of the oil and gas company's stock valued at $783,000 after buying an additional 470 shares during the last quarter. Vident Advisory LLC grew its stake in Precision Drilling by 8.2% in the 1st quarter. Vident Advisory LLC now owns 6,766 shares of the oil and gas company's stock valued at $315,000 after buying an additional 512 shares during the last quarter. Finally, Mackenzie Financial Corp grew its stake in Precision Drilling by 5.8% in the 1st quarter. Mackenzie Financial Corp now owns 9,752 shares of the oil and gas company's stock valued at $453,000 after buying an additional 533 shares during the last quarter. 48.86% of the stock is 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.