Precision Drilling (NYSE:PDS) Stock Price Up 3.2%

Precision Drilling Co. (NYSE:PDS) (TSE:PD) rose 3.2% during 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 Analyst Weigh In

A number of analysts recently weighed in on the stock. Piper Sandler upped their target price on shares of Precision Drilling from $95.00 to $112.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. StockNews.com raised Precision Drilling from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st.

Precision Drilling Trading Down 0.4 %

The company has a debt-to-equity ratio of 0.52, a current ratio of 1.51 and a quick ratio of 1.39. The firm has a market capitalization of $887.89 million, a price-to-earnings ratio of 5.51 and a beta of 1.97. The business has a 50 day moving average of $68.07 and a 200 day moving average of $69.40.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings results on Tuesday, July 30th. The oil and gas company reported $1.44 earnings per share (EPS) for the quarter, topping 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 company 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 company earned $1.21 earnings per share. The company’s revenue for the quarter was up .8% compared to the same quarter last year. As a group, research analysts predict that Precision Drilling Co. will post 6.67 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PDS. National Bank of Canada FI grew its position in shares of Precision Drilling by 0.7% in the second quarter. National Bank of Canada FI now owns 715,966 shares of the oil and gas company’s stock valued at $49,928,000 after purchasing an additional 4,919 shares during the last quarter. Dimensional Fund Advisors LP increased its stake 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 acquiring an additional 28,947 shares during the period. American Century Companies Inc. raised its holdings in Precision Drilling by 8.0% in the 2nd quarter. American Century Companies Inc. now owns 99,979 shares of the oil and gas company’s stock valued at $7,030,000 after acquiring an additional 7,436 shares in the last quarter. Aegis Financial Corp bought a new stake in shares of Precision Drilling during the 1st quarter valued at $6,124,000. Finally, Wellington Management Group LLP lifted its position in shares of Precision Drilling by 25.0% during the 4th quarter. Wellington Management Group LLP now owns 86,114 shares of the oil and gas company’s stock valued at $4,700,000 after acquiring an additional 17,214 shares during the period. 48.86% of the stock is currently owned by institutional investors.

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.