Precision Drilling Co. (NYSE:PDS) Receives Consensus Rating of “Buy” from Analysts

Shares of Precision Drilling Co. (NYSE:PDS) (TSE:PD) have been given a consensus recommendation of “Buy” by the four ratings firms that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $46.80.

A number of analysts have recently weighed in on the stock. StockNews.com downgraded shares of Precision Drilling from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Piper Sandler reduced their target price on shares of Precision Drilling from $101.00 to $95.00 and set an “overweight” rating on the stock in a report on Monday, July 15th.

Precision Drilling Stock Up 0.3 %

Shares of PDS stock opened at $71.85 on Thursday. The stock has a market cap of $1.03 billion, a P/E ratio of 6.31 and a beta of 2.03. Precision Drilling has a 52 week low of $49.67 and a 52 week high of $78.13. The company has a quick ratio of 1.59, a current ratio of 1.71 and a debt-to-equity ratio of 0.57. The company’s fifty day simple moving average is $70.10 and its two-hundred day simple moving average is $66.40.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings results on Thursday, April 25th. The oil and gas company reported $1.88 EPS for the quarter, missing the consensus estimate of $2.00 by ($0.12). Precision Drilling had a return on equity of 10.10% and a net margin of 12.00%. The company had revenue of $391.51 million during the quarter, compared to analysts’ expectations of $399.44 million. Analysts predict that Precision Drilling will post 6.03 EPS for the current fiscal year.

Hedge Funds Weigh In On Precision Drilling

Hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP bought a new position in Precision Drilling during the 3rd quarter valued at about $4,638,000. Ninepoint Partners LP bought a new position in Precision Drilling during the 4th quarter valued at about $74,649,000. Greatmark Investment Partners Inc. grew its holdings in Precision Drilling by 25.1% during the 4th quarter. Greatmark Investment Partners Inc. now owns 59,627 shares of the oil and gas company’s stock valued at $3,237,000 after purchasing an additional 11,955 shares during the last quarter. Franklin Resources Inc. grew its holdings in Precision Drilling by 8.1% during the 4th quarter. Franklin Resources Inc. now owns 48,957 shares of the oil and gas company’s stock valued at $2,658,000 after purchasing an additional 3,683 shares during the last quarter. Finally, Intact Investment Management Inc. grew its holdings in Precision Drilling by 4.8% during the 4th quarter. Intact Investment Management Inc. now owns 85,850 shares of the oil and gas company’s stock valued at $4,662,000 after purchasing an additional 3,900 shares during the last quarter. 48.86% of the stock is currently owned by institutional investors.

About Precision Drilling

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.