Precision Drilling (TSE:PD) Reaches New 1-Year High – Here’s Why

Precision Drilling Co. (TSE:PD) (NYSE:PDS) reached a new 52-week high during trading on Wednesday. The company traded as high as C$147.71 and last traded at C$146.47, with a volume of 103,872 shares changing hands. The stock had previously closed at C$140.02.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PD. Raymond James Financial lifted their price objective on shares of Precision Drilling from C$170.00 to C$175.00 and gave the company an “outperform” rating in a report on Thursday. ATB Cormark Capital Markets boosted their price target on Precision Drilling from C$170.00 to C$190.00 and gave the stock an “outperform” rating in a research note on Thursday. TD Securities raised shares of Precision Drilling from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 20th. TD upped their target price on Precision Drilling from C$150.00 to C$182.00 and gave the company a “buy” rating in a research report on Thursday. Finally, National Bank Financial upgraded Precision Drilling from a “hold” rating to an “outperform” rating and boosted their price target for the company from C$150.00 to C$185.00 in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. According to data from MarketBeat.com, Precision Drilling presently has a consensus rating of “Buy” and an average price target of C$165.62.

Precision Drilling Price Performance

The company has a debt-to-equity ratio of 43.53, a quick ratio of 1.36 and a current ratio of 1.48. The company has a market cap of C$1.86 billion, a PE ratio of -598.30, a PEG ratio of -3.24 and a beta of 0.59. The company’s 50-day simple moving average is C$123.86 and its 200 day simple moving average is C$121.58.

Precision Drilling (TSE:PD) (NYSE:PDS) last announced its earnings results on Wednesday, October 28th. The company reported C$1.65 earnings per share for the quarter. Precision Drilling had a negative net margin of 0.26% and a negative return on equity of 0.32%. The business had revenue of C$531.65 million during the quarter.

About Precision Drilling

Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha¿ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen¿ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations.