Precision Drilling (NYSE:PDS) Research Coverage Started at Piper Sandler

Piper Sandler assumed coverage on shares of Precision Drilling (NYSE:PDS) (TSE:PD) in a report released on Tuesday, Marketbeat Ratings reports. The brokerage issued an overweight rating and a $72.00 price objective on the oil and gas company’s stock.

Other equities research analysts have also recently issued research reports about the stock. Raymond James Financial cut shares of Precision Drilling from a “strong-buy” rating to an “outperform” rating in a report on Wednesday, April 9th. Wall Street Zen downgraded Precision Drilling from a “buy” rating to a “hold” rating in a research note on Monday, March 24th.

Precision Drilling Stock Up 2.6%

Shares of PDS opened at $51.48 on Tuesday. The business’s 50 day simple moving average is $47.24 and its 200-day simple moving average is $49.68. Precision Drilling has a one year low of $36.20 and a one year high of $79.07. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.91 and a quick ratio of 0.82. The company has a market capitalization of $687.19 million, a P/E ratio of 10.23 and a beta of 1.06.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its earnings results on Wednesday, April 23rd. The oil and gas company reported $1.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.57 by ($0.04). Precision Drilling had a net margin of 5.84% and a return on equity of 6.51%. The firm had revenue of $345.41 million during the quarter, compared to analyst estimates of $508.06 million. As a group, sell-side analysts predict that Precision Drilling will post 7.1 EPS for the current fiscal year.

Institutional Trading of Precision Drilling

A number of institutional investors have recently added to or reduced their stakes in PDS. Sumitomo Mitsui Trust Group Inc. increased its holdings in Precision Drilling by 31.7% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 11,163 shares of the oil and gas company’s stock valued at $520,000 after purchasing an additional 2,686 shares in the last quarter. Quotient Wealth Partners LLC acquired a new position in shares of Precision Drilling in the first quarter worth about $3,192,000. Intact Investment Management Inc. bought a new position in Precision Drilling during the first quarter valued at approximately $2,594,000. Greatmark Investment Partners Inc. increased its position in Precision Drilling by 15.9% during the first quarter. Greatmark Investment Partners Inc. now owns 106,189 shares of the oil and gas company’s stock worth $4,951,000 after acquiring an additional 14,588 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Precision Drilling by 3,575.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 153,800 shares of the oil and gas company’s stock valued at $9,395,000 after buying an additional 149,616 shares during the period. Hedge funds and other institutional investors own 48.86% of the company’s stock.

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 through Contract Drilling Services and Completion and Production Services segments.