Piper Sandler Increases Precision Drilling (NYSE:PDS) Price Target to $101.00

Precision Drilling (NYSE:PDS) (TSE:PD) had its price objective raised by analysts at Piper Sandler from $81.00 to $101.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the oil and gas company’s stock. Piper Sandler’s price target suggests a potential upside of 38.81% from the stock’s previous close.

Separately, StockNews.com lowered Precision Drilling from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $118.50.

Precision Drilling Price Performance

NYSE:PDS opened at $72.76 on Monday. The business’s 50-day moving average price is $67.72 and its 200 day moving average price is $61.10. The firm has a market cap of $1.05 billion, a P/E ratio of 6.39 and a beta of 2.08. Precision Drilling has a 52-week low of $41.56 and a 52-week high of $77.21. The company has a quick ratio of 1.59, a current ratio of 1.71 and a debt-to-equity ratio of 0.57.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its earnings results on Thursday, April 25th. The oil and gas company reported $1.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.00 by ($0.12). The firm had revenue of $391.51 million for the quarter, compared to analyst estimates of $399.44 million. Precision Drilling had a return on equity of 10.10% and a net margin of 12.00%. As a group, sell-side analysts predict that Precision Drilling will post 6.49 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Precision Drilling

A number of institutional investors have recently bought and sold shares of the stock. Swiss National Bank increased its stake in Precision Drilling by 0.7% in the 3rd quarter. Swiss National Bank now owns 30,000 shares of the oil and gas company’s stock worth $2,027,000 after purchasing an additional 200 shares in the last quarter. Signaturefd LLC boosted its position in Precision Drilling by 41.3% during the 3rd quarter. Signaturefd LLC now owns 921 shares of the oil and gas company’s stock worth $62,000 after acquiring an additional 269 shares during the period. CIBC Asset Management Inc boosted its position in Precision Drilling by 2.7% during the 3rd quarter. CIBC Asset Management Inc now owns 12,165 shares of the oil and gas company’s stock worth $818,000 after acquiring an additional 324 shares during the period. Scotia Capital Inc. boosted its position in Precision Drilling by 2.7% during the 4th quarter. Scotia Capital Inc. now owns 13,608 shares of the oil and gas company’s stock worth $736,000 after acquiring an additional 355 shares during the period. Finally, Navellier & Associates Inc. boosted its position in Precision Drilling by 9.2% during the 3rd quarter. Navellier & Associates Inc. now owns 5,048 shares of the oil and gas company’s stock worth $339,000 after acquiring an additional 424 shares during the period. Hedge funds and other institutional investors own 48.86% of the company’s stock.

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.