Precision Drilling (NYSE:PDS) Trading 11% Higher

Precision Drilling Co. (NYSE:PDSGet Rating) (TSE:PD) shares traded up 11% on Tuesday . The stock traded as high as $68.22 and last traded at $68.22. 1,685 shares traded hands during mid-day trading, a decline of 98% from the average session volume of 67,504 shares. The stock had previously closed at $61.47.

A number of research firms have weighed in on PDS. Piper Sandler boosted their price objective on shares of Precision Drilling from $110.00 to $125.00 and gave the company an “overweight” rating in a research report on Wednesday, June 1st. Stifel Nicolaus boosted their price objective on shares of Precision Drilling from C$135.00 to C$142.00 in a research report on Friday, April 29th. Raymond James upgraded shares of Precision Drilling from an “outperform” rating to a “strong-buy” rating in a research report on Tuesday, May 17th. TD Securities upped their price target on shares of Precision Drilling from C$125.00 to C$130.00 in a report on Friday, April 29th. Finally, Royal Bank of Canada upped their price target on shares of Precision Drilling from C$135.00 to C$147.00 in a report on Friday, April 29th. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Precision Drilling presently has a consensus rating of “Buy” and a consensus price target of $99.00.

The business has a 50-day moving average of $73.43 and a 200-day moving average of $58.69. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.60 and a current ratio of 1.71. The stock has a market capitalization of $929.56 million, a price-to-earnings ratio of -6.13 and a beta of 2.50.

Precision Drilling (NYSE:PDSGet Rating) (TSE:PD) last released its earnings results on Thursday, April 28th. The oil and gas company reported ($2.57) earnings per share for the quarter, missing the consensus estimate of ($0.80) by ($1.77). The firm had revenue of $351.00 million during the quarter, compared to analyst estimates of $329.17 million. Precision Drilling had a negative net margin of 16.91% and a negative return on equity of 14.98%. The business’s revenue was up 48.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($2.13) earnings per share. Equities analysts predict that Precision Drilling Co. will post -2.39 earnings per share for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. raised its position in Precision Drilling by 99.3% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 468,138 shares of the oil and gas company’s stock valued at $34,703,000 after purchasing an additional 233,273 shares during the last quarter. Barometer Capital Management Inc. purchased a new position in Precision Drilling in the 1st quarter valued at approximately $9,926,000. PCJ Investment Counsel Ltd. increased its stake in Precision Drilling by 39.5% in the 4th quarter. PCJ Investment Counsel Ltd. now owns 274,930 shares of the oil and gas company’s stock valued at $9,721,000 after purchasing an additional 77,800 shares in the last quarter. TD Asset Management Inc. increased its stake in Precision Drilling by 56.2% in the 4th quarter. TD Asset Management Inc. now owns 148,258 shares of the oil and gas company’s stock valued at $5,245,000 after purchasing an additional 53,370 shares in the last quarter. Finally, Morgan Stanley grew its holdings in Precision Drilling by 60.2% during the 2nd quarter. Morgan Stanley now owns 132,802 shares of the oil and gas company’s stock valued at $5,538,000 after buying an additional 49,910 shares during the last quarter. Institutional investors own 43.04% of the company’s stock.

About Precision Drilling (NYSE:PDS)

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.

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