Precision Drilling - PD Stock Forecast, Price & News

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 in two segments, Contract Drilling Services; and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry. This segment's services include land and turnkey drilling; and procurement and distribution of oilfield supplies, as well as manufacture and refurbishment of drilling and service rig equipment. As of December 31, 2021, it operated 227 land drilling rigs, including 109 in Canada; 105 in the United States; 6 in Kuwait; 4 in Saudi Arabia; 2 in the Kurdistan region of Iraq; and 1 in the country of Georgia. As of December 31, 2021, this segment also operated 47 AlphaTM rigs with commercial AlphaAutomation; 18 AlphaApps; 4 grid power capable rigs; and 60 natural gas or bi-fuel rigs. The Completion and Production Services segment provides service rigs for well completion, workover, abandonment, maintenance, and re-entry preparation services; wellsite accommodations; oilfield surface equipment rentals; and camp and catering services to oil and natural gas exploration and production companies. As of December 31, 2021, it operated 123 well completion and workover service rigs, including 113 in Canada and 10 in the United States; 1,900 oilfield rental items, including surface storage, small-flow wastewater treatment, power generation, and solids control equipment; 109 wellsite accommodation units; 943 drill camp beds; 822 base camp beds; and three kitchen diners in Canada. Precision Drilling Corporation was incorporated in 1951 and is headquartered in Calgary, Canada.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Raymond James raised shares of Precision Drilling from an "outperform" rating to a "strong-buy" rating and raised their target price for the company from C$115.00 to C$130.00 in a report on Tuesday, May 17th. CIBC lifted their price target on shares of Precision Drilling from C$115.00 to C$120.00 in a report on Tuesday, August 2nd. BMO Capital Markets lifted their price target on shares of Precision Drilling from C$130.00 to C$140.00 in a report on Thursday, July 28th. TD Securities lifted their price target on shares of Precision Drilling from C$130.00 to C$135.00 and gave the company a "buy" rating in a report on Thursday, July 28th. Finally, Royal Bank of Canada lifted their price target on shares of Precision Drilling from C$147.00 to C$156.00 in a report on Thursday, July 7th. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Precision Drilling currently has a consensus rating of "Moderate Buy" and a consensus target price of C$107.43.

Precision Drilling Trading Down 1.5 %

Shares of TSE:PD traded down C$1.30 during midday trading on Monday, reaching C$84.58. The stock had a trading volume of 110,336 shares, compared to its average volume of 119,918. The firm has a market cap of C$1.15 billion and a price-to-earnings ratio of -6.10. Precision Drilling has a twelve month low of C$35.82 and a twelve month high of C$109.29. The company has a debt-to-equity ratio of 101.68, a quick ratio of 1.30 and a current ratio of 1.39. The company's 50 day moving average price is C$82.28 and its 200 day moving average price is C$83.51.

Insider Transactions at Precision Drilling

In other news, Senior Officer Darren Ruhr sold 1,176 shares of the business's stock in a transaction that occurred on Tuesday, June 7th. The shares were sold at an average price of C$106.72, for a total value of C$125,508.13. Following the transaction, the insider now owns 18,567 shares in the company, valued at approximately C$1,981,555.65.