Precision Drilling (TSE:PD) Share Price Passes Below 200 Day Moving Average – What’s Next?

Precision Drilling Co. (TSE:PD) (NYSE:PDS) passed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$94.67 and traded as low as C$82.57. Precision Drilling shares last traded at C$84.73, with a volume of 110,350 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Raymond James lifted their target price on shares of Precision Drilling from C$136.00 to C$143.00 and gave the company a “strong-buy” rating in a research note on Thursday, August 1st. CIBC boosted their price target on shares of Precision Drilling from C$130.00 to C$140.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. ATB Capital decreased their price target on shares of Precision Drilling from C$123.00 to C$113.00 in a report on Monday, September 23rd. BMO Capital Markets upped their target price on shares of Precision Drilling from C$135.00 to C$140.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Finally, Royal Bank of Canada boosted their price target on shares of Precision Drilling from C$122.00 to C$125.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of C$130.00.

Precision Drilling Stock Up 2.9 %

The firm has a market cap of C$1.23 billion, a PE ratio of 5.27, a PEG ratio of -3.24 and a beta of 2.80. The company has a debt-to-equity ratio of 56.37, a quick ratio of 1.36 and a current ratio of 1.51. The company’s 50-day simple moving average is C$93.12 and its two-hundred day simple moving average is C$94.69.

Precision Drilling (TSE:PD) (NYSE:PDS) last issued its earnings results on Tuesday, July 30th. The company reported C$1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of C($0.85) by C$2.29. Precision Drilling had a net margin of 11.71% and a return on equity of 15.01%. The business had revenue of C$429.21 million during the quarter, compared to analysts’ expectations of C$423.50 million. On average, analysts predict that Precision Drilling Co. will post 11.3888131 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director David Williams sold 3,500 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of C$100.01, for a total value of C$350,035.00. In other news, Senior Officer Veronica H. Foley sold 5,335 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of C$99.49, for a total transaction of C$530,779.18. Also, Director David Williams sold 3,500 shares of Precision Drilling stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of C$100.01, for a total transaction of C$350,035.00. 2.12% of the stock is currently owned by insiders.

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.