Precision Drilling (NYSE:PDS) Sees Large Volume Increase

Precision Drilling Co. (NYSE:PDSGet Rating) (TSE:PD) shares saw unusually-strong trading volume on Tuesday . Approximately 3,724 shares traded hands during trading, a decline of 95% from the previous session’s volume of 80,431 shares.The stock last traded at $77.38 and had previously closed at $80.98.

Several equities analysts have recently issued reports on PDS shares. CIBC upped their price target on Precision Drilling from C$82.50 to C$115.00 in a research note on Thursday, April 14th. National Bank Financial increased their target price on Precision Drilling from C$65.00 to C$80.00 in a research note on Friday, February 11th. Piper Sandler increased their target price on Precision Drilling from $85.00 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday, April 13th. Raymond James increased their target price on Precision Drilling from C$62.50 to C$115.00 in a research note on Tuesday, March 29th. Finally, Royal Bank of Canada increased their target price on Precision Drilling from C$71.00 to C$81.00 in a research note on Friday, February 11th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Precision Drilling currently has an average rating of “Buy” and an average target price of $81.82.

The stock has a market cap of $1.06 billion, a PE ratio of -7.58 and a beta of 2.67. The stock’s 50 day moving average is $65.03. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 0.90.

Precision Drilling (NYSE:PDSGet Rating) (TSE:PD) last posted its quarterly earnings results on Thursday, February 10th. The oil and gas company reported ($1.63) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.28) by ($0.35). The company had revenue of $295.20 million for the quarter, compared to analyst estimates of $285.08 million. Precision Drilling had a negative return on equity of 13.90% and a negative net margin of 18.08%. The firm’s revenue for the quarter was up 46.4% compared to the same quarter last year. During the same period last year, the firm earned ($2.10) EPS. As a group, research analysts forecast that Precision Drilling Co. will post -2.54 earnings per share for the current year.

Several hedge funds have recently bought and sold shares of PDS. US Bancorp DE increased its holdings in shares of Precision Drilling by 88.7% during the 3rd quarter. US Bancorp DE now owns 619 shares of the oil and gas company’s stock worth $25,000 after acquiring an additional 291 shares during the last quarter. Marshall Wace LLP bought a new stake in Precision Drilling in the 1st quarter valued at $36,000. Verdad Advisers LP bought a new stake in Precision Drilling in the 4th quarter valued at $37,000. Ahrens Investment Partners LLC bought a new stake in Precision Drilling in the 4th quarter valued at $39,000. Finally, Alpha Paradigm Partners LLC bought a new stake in Precision Drilling in the 4th quarter valued at $193,000. 43.10% of the stock is currently owned by institutional investors and hedge funds.

About Precision Drilling (NYSE:PDS)

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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