Royal Bank Of Canada Increases Precision Drilling (NYSE:PDS) Price Target to $117.00

Key Points

• Royal Bank of Canada has raised the price target for Precision Drilling (NYSE:PDS) from $110.00 to $117.00, indicating a potential upside of 96.21% from the current stock price.
• Analysts maintain a generally positive outlook, with a consensus rating of "Moderate Buy" and a target price of $95.50.
• Despite missed earnings expectations in the latest quarter, analysts continue to express bullish sentiment towards Precision Drilling's future prospects.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD had its price objective raised by investment analysts at Royal Bank Of Canada from $110.00 to $117.00 in a research report issued on Friday,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 96.21% from the stock's current price.

A number of other research analysts also recently issued reports on PDS. Wall Street Zen raised Precision Drilling from a "hold" rating to a "buy" rating in a research note on Saturday, October 18th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Precision Drilling in a research note on Wednesday, October 8th. Zacks Research downgraded Precision Drilling from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 15th. Piper Sandler reissued an "overweight" rating and issued a $74.00 price objective (up from $72.00) on shares of Precision Drilling in a research note on Thursday, August 14th. Finally, TD Securities reissued a "hold" rating on shares of Precision Drilling in a research note on Thursday. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Precision Drilling has a consensus rating of "Moderate Buy" and a consensus target price of $95.50.

Precision Drilling Price Performance

PDS stock traded up $0.91 during midday trading on Friday, reaching $59.63. 28,516 shares of the stock were exchanged, compared to its average volume of 106,832. The stock has a market capitalization of $785.31 million, a PE ratio of 22.17 and a beta of 1.11. Precision Drilling has a 52 week low of $36.20 and a 52 week high of $67.35. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.01 and a quick ratio of 0.90. The company has a fifty day moving average price of $56.58 and a 200 day moving average price of $50.47.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last issued its quarterly earnings data on Wednesday, October 22nd. The oil and gas company reported ($0.37) earnings per share for the quarter, missing analysts' consensus estimates of $1.20 by ($1.57). Precision Drilling had a return on equity of 3.44% and a net margin of 3.17%.The firm had revenue of $331.90 million for the quarter, compared to the consensus estimate of $471.38 million. As a group, analysts expect that Precision Drilling will post 7.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Precision Drilling

Several institutional investors and hedge funds have recently bought and sold shares of the company. PCJ Investment Counsel Ltd. grew its holdings in Precision Drilling by 2.9% during the first quarter. PCJ Investment Counsel Ltd. now owns 16,830 shares of the oil and gas company's stock valued at $783,000 after purchasing an additional 470 shares during the period. Vident Advisory LLC boosted its holdings in shares of Precision Drilling by 8.2% in the first quarter. Vident Advisory LLC now owns 6,766 shares of the oil and gas company's stock worth $315,000 after acquiring an additional 512 shares during the period. Mackenzie Financial Corp boosted its holdings in shares of Precision Drilling by 5.8% in the first quarter. Mackenzie Financial Corp now owns 9,752 shares of the oil and gas company's stock worth $453,000 after acquiring an additional 533 shares during the period. Signaturefd LLC boosted its holdings in shares of Precision Drilling by 52.4% in the second quarter. Signaturefd LLC now owns 2,230 shares of the oil and gas company's stock worth $105,000 after acquiring an additional 767 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Precision Drilling by 2.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 31,023 shares of the oil and gas company's stock worth $1,442,000 after acquiring an additional 835 shares during the period. 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.

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