Precision Drilling (NYSE:PDS) Reaches New 12-Month High – Here’s What Happened

Shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $81.73 and last traded at $81.07, with a volume of 16196 shares changing hands. The stock had previously closed at $79.45.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PDS. Piper Sandler reiterated an “overweight” rating and issued a $81.00 price target (up previously from $79.00) on shares of Precision Drilling in a report on Thursday, December 18th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Precision Drilling in a report on Wednesday, January 28th. TD Securities restated a “hold” rating on shares of Precision Drilling in a report on Thursday, October 23rd. Royal Bank Of Canada boosted their target price on Precision Drilling from $110.00 to $117.00 and gave the company an “outperform” rating in a research note on Friday, October 24th. Finally, Wall Street Zen lowered Precision Drilling from a “buy” rating to a “hold” rating in a research note on Sunday, October 26th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $99.00.

Precision Drilling Stock Up 1.6%

The firm has a market capitalization of $1.04 billion, a P/E ratio of 30.02 and a beta of 1.04. The company has a fifty day simple moving average of $70.90 and a 200 day simple moving average of $61.51. The company has a quick ratio of 1.42, a current ratio of 1.58 and a debt-to-equity ratio of 0.41.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. National Bank of Canada FI grew its holdings in Precision Drilling by 0.6% during the 3rd quarter. National Bank of Canada FI now owns 735,460 shares of the oil and gas company’s stock valued at $41,265,000 after buying an additional 4,236 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in Precision Drilling by 24.9% during the third quarter. Arrowstreet Capital Limited Partnership now owns 483,937 shares of the oil and gas company’s stock valued at $27,262,000 after purchasing an additional 96,339 shares during the period. Aegis Financial Corp boosted its stake in Precision Drilling by 110.0% during the third quarter. Aegis Financial Corp now owns 452,359 shares of the oil and gas company’s stock worth $25,486,000 after buying an additional 236,963 shares during the period. Picton Mahoney Asset Management boosted its position in shares of Precision Drilling by 100.0% during the third quarter. Picton Mahoney Asset Management now owns 245,981 shares of the oil and gas company’s stock valued at $13,851,000 after buying an additional 122,974 shares during the period. Finally, Goldman Sachs Group Inc. grew its stake in shares of Precision Drilling by 28.4% during the first quarter. Goldman Sachs Group Inc. now owns 138,896 shares of the oil and gas company’s stock valued at $6,475,000 after buying an additional 30,690 shares during the last quarter. Institutional investors own 48.86% of the company’s stock.

About Precision Drilling

Precision Drilling Corporation (NYSE: PDS) is a Calgary, Alberta–based oilfield services company that has provided drilling solutions since its founding in 1951. With more than seven decades of industry experience, the company delivers contract drilling services, directional and horizontal drilling, well servicing, and a suite of specialized equipment designed to meet the evolving needs of exploration and production companies worldwide.

The company’s core business activities include operating a fleet of onshore drilling rigs, offering managed pressure drilling, measurement-while-drilling (MWD) and logging-while-drilling (LWD) services, and providing completion and workover rigs.