Precision Drilling (NYSE:PDS) Hits New 52-Week High at $47.65

Precision Drilling Co. (NYSE:PDS) (TSE:PD)’s stock price hit a new 52-week high on Thursday . The company traded as high as $47.65 and last traded at $47.65, with a volume of 623 shares changing hands. The stock had previously closed at $45.70.

A number of analysts have recently weighed in on the company. Tudor Pickering restated a “buy” rating on shares of Precision Drilling in a research note on Friday, September 24th. Canaccord Genuity upgraded Precision Drilling from a “hold” rating to a “buy” rating and lowered their target price for the company from $54.00 to $50.00 in a research note on Tuesday, August 24th. Zacks Investment Research upgraded Precision Drilling from a “sell” rating to a “hold” rating in a research report on Wednesday, August 4th. Evercore ISI upgraded Precision Drilling from an “in-line” rating to an “outperform” rating in a research report on Wednesday, June 23rd. Finally, Royal Bank of Canada reiterated a “buy” rating and issued a C$66.00 price objective on shares of Precision Drilling in a research report on Friday, October 8th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $45.33.

The company has a market capitalization of $633.94 million, a price-to-earnings ratio of -4.36 and a beta of 3.18. The company has a 50-day moving average price of $35.19 and a 200-day moving average price of $33.20. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.50 and a current ratio of 1.64.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its earnings results on Thursday, July 22nd. The oil and gas company reported ($5.71) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($3.82) by ($1.89). The company had revenue of $201.36 million for the quarter, compared to analyst estimates of $202.33 million. Precision Drilling had a negative return on equity of 13.17% and a negative net margin of 22.33%. Precision Drilling’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($3.56) earnings per share. As a group, sell-side analysts anticipate that Precision Drilling Co. will post -8.15 earnings per share for the current fiscal year.

Large investors have recently added to or reduced their stakes in the company. Deutsche Bank AG lifted its holdings in shares of Precision Drilling by 1,144.0% during the 2nd quarter. Deutsche Bank AG now owns 3,732 shares of the oil and gas company’s stock valued at $156,000 after purchasing an additional 3,432 shares in the last quarter. BlackRock Inc. bought a new stake in Precision Drilling in the 1st quarter valued at approximately $90,000. Marshall Wace LLP bought a new stake in Precision Drilling in the 2nd quarter valued at approximately $271,000. Osmium Partners LLC bought a new stake in Precision Drilling in the 2nd quarter valued at approximately $292,000. Finally, Toronto Dominion Bank lifted its stake in Precision Drilling by 10.6% in the 1st quarter. Toronto Dominion Bank now owns 7,019 shares of the oil and gas company’s stock valued at $152,000 after acquiring an additional 674 shares in the last quarter. Institutional investors and hedge funds own 39.88% of the company’s stock.

Precision Drilling Company Profile (NYSE:PDS)

Precision Drilling Corp. engages in the provision od onshore drilling, completion, and production services to the oil and natural gas industry. It operates through the following segments: Contract Drilling Services; and Completion and Production Services. The Contract Drilling Services segment includes drilling rigs, directional drilling, procurement and distribution of oilfield supplies, and the manufacture, sale, and repair of drilling equipment.

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