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.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. BMO Capital Markets upped their price target on Precision Drilling from C$130.00 to C$140.00 in a research report on Thursday, July 28th. National Bankshares upped their price target on Precision Drilling from C$80.00 to C$120.00 in a research report on Monday, April 25th. Stifel Nicolaus upped their price target on Precision Drilling from C$145.00 to C$150.00 in a research report on Thursday, July 28th. Royal Bank of Canada upped their price target on Precision Drilling from C$147.00 to C$156.00 in a research report on Thursday, July 7th. Finally, TD Securities upped their price target on Precision Drilling from C$130.00 to C$135.00 and gave the company a "buy" rating in a research report on Thursday, July 28th. Three equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Precision Drilling presently has an average rating of "Moderate Buy" and a consensus target price of C$107.43.

Precision Drilling Stock Performance

TSE:PD traded up C$0.06 during mid-day trading on Monday, hitting C$81.43. 51,522 shares of the company's stock traded hands, compared to its average volume of 120,749. The firm has a 50 day moving average of C$84.60 and a two-hundred day moving average of C$82.19. Precision Drilling has a 12 month low of C$35.82 and a 12 month high of C$109.29. The firm has a market capitalization of C$1.11 billion and a price-to-earnings ratio of -5.87. The company has a current ratio of 1.39, a quick ratio of 1.30 and a debt-to-equity ratio of 101.68.

Insider Activity at Precision Drilling

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