StockNews.com began coverage on shares of Precision Drilling (NYSE:PDS – Free Report) (TSE:PD) in a report released on Thursday. The brokerage issued a strong-buy rating on the oil and gas company’s stock.
A number of other analysts have also weighed in on the stock. TheStreet raised shares of Precision Drilling from a d+ rating to a c- rating in a research report on Tuesday, September 12th. Raymond James upped their price objective on Precision Drilling from C$110.00 to C$115.00 and gave the company a strong-buy rating in a research report on Thursday, August 3rd. Piper Sandler lifted their target price on Precision Drilling from $90.00 to $107.00 and gave the stock an overweight rating in a research report on Monday, July 31st. Benchmark raised shares of Precision Drilling from a hold rating to a buy rating in a research note on Wednesday, July 19th. Finally, BMO Capital Markets raised their price target on shares of Precision Drilling from C$100.00 to C$110.00 in a research note on Friday, July 28th. Four analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Precision Drilling currently has a consensus rating of Buy and a consensus price target of $121.71.
Check Out Our Latest Stock Report on PDS
Precision Drilling Price Performance
Precision Drilling (NYSE:PDS – Get Free Report) (TSE:PD) last issued its quarterly earnings results on Thursday, July 27th. The oil and gas company reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.22. Precision Drilling had a return on equity of 12.05% and a net margin of 8.15%. The company had revenue of $316.89 million during the quarter, compared to the consensus estimate of $303.03 million. Equities analysts forecast that Precision Drilling will post 8.55 EPS for the current year.
Institutional Trading of Precision Drilling
A number of hedge funds have recently added to or reduced their stakes in PDS. Great West Life Assurance Co. Can purchased a new stake in shares of Precision Drilling in the 1st quarter worth approximately $27,000. Signaturefd LLC raised its stake in Precision Drilling by 246.8% in the second quarter. Signaturefd LLC now owns 652 shares of the oil and gas company’s stock worth $32,000 after buying an additional 464 shares in the last quarter. Deutsche Bank AG purchased a new stake in Precision Drilling during the fourth quarter worth $35,000. Barclays PLC boosted its position in Precision Drilling by 150.0% during the 4th quarter. Barclays PLC now owns 500 shares of the oil and gas company’s stock valued at $38,000 after acquiring an additional 300 shares in the last quarter. Finally, Wells Fargo & Company MN purchased a new position in shares of Precision Drilling in the 4th quarter valued at $38,000. 39.16% of the stock is owned by hedge funds and other 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 in two segments, Contract Drilling Services and Completion and Production Services.
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