Precision Drilling (NYSE:PDS) Trading Up 9.9% – Should You Buy?

Precision Drilling Co. (NYSE:PDS) (TSE:PD)’s stock price traded up 9.9% on Wednesday . The stock traded as high as $62.78 and last traded at $62.78. 160,743 shares changed hands during mid-day trading, an increase of 139% from the average session volume of 67,137 shares. The stock had previously closed at $57.15.

Analyst Upgrades and Downgrades

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

Precision Drilling Stock Up 7.6 %

The company has a market cap of $879.72 million, a P/E ratio of 5.33 and a beta of 1.96. The stock has a 50-day moving average of $64.52 and a two-hundred day moving average of $68.19. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.39 and a current ratio of 1.51.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings results on Tuesday, July 30th. The oil and gas company reported $1.44 EPS for the quarter, topping the consensus estimate of ($0.62) by $2.06. Precision Drilling had a net margin of 11.68% and a return on equity of 9.26%. The firm had revenue of $429.20 million for the quarter, compared to the consensus estimate of $310.13 million. During the same period last year, the firm posted $1.21 earnings per share. The business’s revenue was up .8% compared to the same quarter last year. On average, research analysts anticipate that Precision Drilling Co. will post 6.57 EPS for the current fiscal year.

Institutional Trading of Precision Drilling

Hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. increased its stake in shares of Precision Drilling by 2,800.0% in the second quarter. Blue Trust Inc. now owns 522 shares of the oil and gas company’s stock worth $35,000 after buying an additional 504 shares during the period. US Bancorp DE increased its holdings in Precision Drilling by 56.6% during the 3rd quarter. US Bancorp DE now owns 603 shares of the oil and gas company’s stock valued at $37,000 after purchasing an additional 218 shares during the period. Signaturefd LLC raised its holdings in shares of Precision Drilling by 32.6% during the second quarter. Signaturefd LLC now owns 1,384 shares of the oil and gas company’s stock valued at $97,000 after acquiring an additional 340 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Precision Drilling in the 2nd quarter worth about $210,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Precision Drilling by 14.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,270 shares of the oil and gas company’s stock valued at $300,000 after acquiring an additional 545 shares in the last quarter. 48.86% of the stock is owned by institutional investors.

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.