Precision Drilling (NYSE:PDS) Stock Price Up 4.4%

Shares of Precision Drilling Co. (NYSE:PDS) (TSE:PD) rose 4.4% during mid-day trading on Friday . The stock traded as high as $42.33 and last traded at $42.19. Approximately 813 shares were traded during trading, a decline of 99% from the average daily volume of 55,591 shares. The stock had previously closed at $40.43.

PDS has been the subject of several research reports. Tudor Pickering restated a “buy” rating on shares of Precision Drilling in a research report on Friday, September 24th. CIBC boosted their price objective on shares of Precision Drilling from C$60.00 to C$65.00 and gave the stock a “neutral” rating in a research report on Friday, October 15th. lowered Precision Drilling from a “buy” rating to a “hold” rating in a research report on Friday, October 22nd. Piper Sandler upgraded Precision Drilling from a “neutral” rating to an “overweight” rating and raised their price target for the company from $55.00 to $57.00 in a report on Tuesday, December 21st. 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. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $55.91.

The company has a quick ratio of 1.45, a current ratio of 1.57 and a debt-to-equity ratio of 0.93. The company’s fifty day moving average price is $36.00 and its two-hundred day moving average price is $36.59.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings results on Wednesday, October 20th. The oil and gas company reported ($2.88) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.32) by ($1.56). The company had revenue of $253.80 million during the quarter, compared to analyst estimates of $277.66 million. Precision Drilling had a negative net margin of 21.12% and a negative return on equity of 14.34%. The firm’s quarterly revenue was up 54.0% compared to the same quarter last year. During the same quarter last year, the company earned ($1.60) EPS. Sell-side analysts expect that Precision Drilling Co. will post -9.76 EPS for the current fiscal year.

Several hedge funds have recently made changes to their positions in PDS. EAM Global Investors LLC bought a new stake in shares of Precision Drilling in the second quarter worth $9,274,000. FMR LLC bought a new stake in shares of Precision Drilling in the second quarter worth $8,410,000. Toronto Dominion Bank lifted its position in shares of Precision Drilling by 1,727.6% in the second quarter. Toronto Dominion Bank now owns 128,279 shares of the oil and gas company’s stock worth $2,345,000 after purchasing an additional 121,260 shares in the last quarter. MD Financial Management Inc. lifted its position in shares of Precision Drilling by 72,588.5% in the third quarter. MD Financial Management Inc. now owns 101,037 shares of the oil and gas company’s stock worth $4,083,000 after purchasing an additional 100,898 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Precision Drilling by 38.4% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 340,130 shares of the oil and gas company’s stock worth $13,733,000 after purchasing an additional 94,300 shares in the last quarter. 41.15% of the stock is currently owned by institutional investors and hedge funds.

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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