Precision Drilling (TSE:PD) Hits New 1-Year Low – Here’s What Happened

Shares of Precision Drilling Co. (TSE:PD) (NYSE:PDS) hit a new 52-week low on Wednesday . The company traded as low as C$63.16 and last traded at C$65.79, with a volume of 357052 shares traded. The stock had previously closed at C$66.77.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PD. ATB Capital lifted their price objective on Precision Drilling from C$109.00 to C$123.00 in a research report on Tuesday, December 10th. Royal Bank of Canada cut their price objective on Precision Drilling from C$121.00 to C$110.00 in a research report on Friday, February 14th. Raymond James cut their price objective on Precision Drilling from C$146.00 to C$141.00 in a research report on Friday, February 14th. TD Securities cut their price objective on Precision Drilling from C$100.00 to C$89.00 and set a “hold” rating on the stock in a research report on Friday, February 14th. Finally, CIBC lowered their target price on Precision Drilling from C$125.00 to C$115.00 in a research note on Friday, February 14th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of C$119.00.

Precision Drilling Stock Down 1.5 %

The company has a fifty day simple moving average of C$84.47 and a 200-day simple moving average of C$86.96. The company has a quick ratio of 1.36, a current ratio of 1.54 and a debt-to-equity ratio of 51.98. The firm has a market cap of C$936.20 million, a P/E ratio of 3.87, a price-to-earnings-growth ratio of -3.24 and a beta of 2.76.

Insider Activity

In other news, Senior Officer Veronica H. Foley sold 3,393 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of C$77.66, for a total transaction of C$263,499.70. Also, Director Carey Thomas Ford sold 5,108 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of C$77.66, for a total transaction of C$396,686.26. Company insiders own 2.12% of the company’s stock.

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.