Precision Drilling (NYSE:PDS) Sets New 1-Year High After Strong Earnings

Shares of Precision Drilling Co. (NYSE:PDS) (TSE:PD) hit a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The company traded as high as $78.95 and last traded at $78.93, with a volume of 26147 shares. The stock had previously closed at $71.98.

The oil and gas company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.62) by $2.06. The business had revenue of $429.20 million for the quarter, compared to analysts’ expectations of $310.13 million. Precision Drilling had a return on equity of 10.10% and a net margin of 12.00%. The company’s revenue for the quarter was up .8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.21 EPS.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PDS shares. Piper Sandler decreased their price objective on Precision Drilling from $101.00 to $95.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. StockNews.com cut Precision Drilling from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $117.50.

Institutional Investors Weigh In On Precision Drilling

A number of institutional investors have recently modified their holdings of the company. Signaturefd LLC grew its stake in shares of Precision Drilling by 32.6% in the second quarter. Signaturefd LLC now owns 1,384 shares of the oil and gas company’s stock valued at $97,000 after buying an additional 340 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Precision Drilling by 14.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,270 shares of the oil and gas company’s stock worth $300,000 after purchasing an additional 545 shares in the last quarter. Blue Trust Inc. grew its stake in Precision Drilling by 2,800.0% during the 2nd quarter. Blue Trust Inc. now owns 522 shares of the oil and gas company’s stock worth $35,000 after purchasing an additional 504 shares in the last quarter. National Bank of Canada FI grew its stake in Precision Drilling by 29.0% during the 1st quarter. National Bank of Canada FI now owns 711,047 shares of the oil and gas company’s stock worth $50,886,000 after purchasing an additional 159,871 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC grew its stake in Precision Drilling by 27.3% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 29,549 shares of the oil and gas company’s stock worth $1,989,000 after purchasing an additional 6,328 shares in the last quarter. 48.86% of the stock is owned by institutional investors and hedge funds.

Precision Drilling Price Performance

The stock has a market capitalization of $1.11 billion, a price-to-earnings ratio of 6.88 and a beta of 2.03. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.59 and a current ratio of 1.71. The company has a 50 day moving average of $70.16 and a 200 day moving average of $67.16.

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.