Precision Drilling (NYSE:PDS) Shares Up 3.2%

Precision Drilling Co. (NYSE:PDS) (TSE:PD) rose 3.2% during mid-day trading on Tuesday . The company traded as high as $63.62 and last traded at $63.62. Approximately 5,826 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 66,436 shares. The stock had previously closed at $61.65.

Wall Street Analysts Forecast Growth

Several research firms have commented on PDS. Piper Sandler lifted their price target on Precision Drilling from $95.00 to $112.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. StockNews.com raised shares of Precision Drilling from a “hold” rating to a “buy” rating in a report on Thursday, August 1st.

Precision Drilling Stock Up 1.6 %

The firm has a market capitalization of $896.02 million, a PE ratio of 5.40 and a beta of 1.97. The business’s fifty day moving average price is $68.43 and its 200 day moving average price is $69.45. The company has a quick ratio of 1.39, a current ratio of 1.51 and a debt-to-equity ratio of 0.52.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings data 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 return on equity of 9.26% and a net margin of 11.68%. The firm had revenue of $429.20 million during the quarter, compared to the consensus estimate of $310.13 million. During the same period in the prior year, the business earned $1.21 EPS. The firm’s revenue was up .8% compared to the same quarter last year. On average, equities research analysts forecast that Precision Drilling Co. will post 6.67 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Precision Drilling

Several hedge funds have recently modified their holdings of the stock. Sanctuary Advisors LLC purchased a new position in Precision Drilling during the 2nd quarter worth $468,000. Point72 Asset Management L.P. lifted its position in Precision Drilling by 31.1% in the second quarter. Point72 Asset Management L.P. now owns 57,949 shares of the oil and gas company’s stock valued at $4,073,000 after purchasing an additional 13,749 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Precision Drilling by 1.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,020 shares of the oil and gas company’s stock valued at $844,000 after purchasing an additional 150 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in Precision Drilling in the 2nd quarter valued at approximately $210,000. Finally, Dimensional Fund Advisors LP increased its position in Precision Drilling by 16.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 201,625 shares of the oil and gas company’s stock worth $14,182,000 after purchasing an additional 28,947 shares during the period. 48.86% of the stock is owned by institutional investors and hedge funds.

Precision Drilling Company Profile

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.