Piper Sandler Raises Precision Drilling (NYSE:PDS) Price Target to $112.00

Precision Drilling (NYSE:PDS) (TSE:PD) had its price target hoisted by analysts at Piper Sandler from $95.00 to $112.00 in a report released on Thursday, BayStreet.CA reports. The brokerage currently has an “overweight” rating on the oil and gas company’s stock. Piper Sandler’s target price would suggest a potential upside of 62.18% from the stock’s previous close.

Separately, StockNews.com upgraded shares of Precision Drilling from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. One analyst has rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $124.00.

Precision Drilling Trading Down 0.0 %

Shares of NYSE:PDS traded down $0.01 during trading on Thursday, hitting $69.06. 17,168 shares of the company’s stock were exchanged, compared to its average volume of 68,850. The firm has a 50-day moving average price of $70.13 and a two-hundred day moving average price of $68.37. Precision Drilling has a 1-year low of $49.67 and a 1-year high of $79.07. The firm has a market cap of $987.70 million, a P/E ratio of 6.08 and a beta of 2.03. The company has a current ratio of 1.51, a quick ratio of 1.39 and a debt-to-equity ratio of 0.52.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its earnings results on Tuesday, July 30th. The oil and gas company reported $1.44 EPS for the quarter, beating the consensus estimate of ($0.62) by $2.06. Precision Drilling had a net margin of 11.68% and a return on equity of 9.26%. The company had revenue of $429.20 million during the quarter, compared to analysts’ expectations of $310.13 million. During the same quarter in the previous year, the company posted $1.21 EPS. The business’s revenue for the quarter was up .8% compared to the same quarter last year. Equities analysts predict that Precision Drilling will post 5.17 earnings per share for the current year.

Institutional Trading of Precision Drilling

Several hedge funds have recently bought and sold shares of PDS. Blue Trust Inc. lifted its holdings in shares of Precision Drilling by 2,800.0% in the second quarter. Blue Trust Inc. now owns 522 shares of the oil and gas company’s stock valued at $35,000 after purchasing an additional 504 shares in the last quarter. Signaturefd LLC lifted its stake in Precision Drilling by 32.6% in the 2nd quarter. Signaturefd LLC now owns 1,384 shares of the oil and gas company’s stock valued at $97,000 after acquiring an additional 340 shares in the last quarter. Russell Investments Group Ltd. bought a new position in shares of Precision Drilling during the 4th quarter worth approximately $88,000. Squarepoint Ops LLC acquired a new position in shares of Precision Drilling during the 2nd quarter worth approximately $210,000. Finally, Alberta Investment Management Corp acquired a new stake in shares of Precision Drilling in the 4th quarter valued at approximately $229,000. 48.86% of the stock is currently owned by institutional investors and hedge funds.

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.