Precision Drilling (TSE:PD) Trading 7.6% Higher – Should You Buy?

Precision Drilling Co. (TSE:PD) (NYSE:PDS)’s share price shot up 7.6% during trading on Wednesday . The company traded as high as C$85.64 and last traded at C$85.55. 93,424 shares were traded during trading, an increase of 10% from the average session volume of 85,189 shares. The stock had previously closed at C$79.50.

Analysts Set New Price Targets

Several analysts recently issued reports on PD shares. CIBC boosted their target price on shares of Precision Drilling from C$130.00 to C$140.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. ATB Capital decreased their price objective on Precision Drilling from C$123.00 to C$113.00 in a research note on Monday, September 23rd. TD Securities cut their price objective on Precision Drilling from C$140.00 to C$120.00 and set a “buy” rating for the company in a research note on Tuesday, October 8th. BMO Capital Markets decreased their target price on shares of Precision Drilling from C$140.00 to C$130.00 in a research note on Friday, October 4th. Finally, Raymond James dropped their price target on shares of Precision Drilling from C$143.00 to C$142.00 in a research report on Tuesday, October 15th. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Precision Drilling has a consensus rating of “Buy” and an average target price of C$126.90.

Precision Drilling Price Performance

The company has a current ratio of 1.51, a quick ratio of 1.36 and a debt-to-equity ratio of 56.37. The firm’s 50-day moving average price is C$88.22 and its 200-day moving average price is C$93.82. The stock has a market capitalization of C$1.19 billion, a PE ratio of 5.31, a PEG ratio of -3.24 and a beta of 2.76.

Precision Drilling (TSE:PD) (NYSE:PDS) last announced its earnings results on Tuesday, July 30th. The company reported C$1.44 EPS for the quarter, topping analysts’ consensus estimates of C($0.85) by C$2.29. Precision Drilling had a return on equity of 15.01% and a net margin of 11.71%. The firm had revenue of C$429.21 million during the quarter, compared to analysts’ expectations of C$423.50 million.

Insider Activity at Precision Drilling

In related news, Senior Officer Veronica H. Foley sold 5,335 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of C$99.49, for a total transaction of C$530,779.18. In related news, Senior Officer Veronica H. Foley sold 5,335 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of C$99.49, for a total value of C$530,779.18. Also, Director David Williams sold 3,500 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of C$100.01, for a total transaction of C$350,035.00. 2.12% of the stock is currently owned by insiders.

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.