Precision Drilling (NYSE:PDS) Given New $115.00 Price Target at Piper Sandler

Precision Drilling (NYSE:PDS) (TSE:PD) had its price objective lifted by investment analysts at Piper Sandler from $105.00 to $115.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the oil and gas company’s stock. Piper Sandler‘s target price would suggest a potential upside of 17.64% from the company’s previous close.

A number of other equities analysts also recently commented on the company. Weiss Ratings reiterated a “sell (d+)” rating on shares of Precision Drilling in a research note on Friday, September 18th. National Bank Financial raised Precision Drilling from a “sector perform” rating to an “outperform” rating in a report on Monday, October 26th. Freedom Broker downgraded Precision Drilling from a “buy” rating to a “hold” rating and increased their target price for the stock from $116.00 to $121.00 in a report on Friday. TD Securities upgraded Precision Drilling from a “hold” rating to a “buy” rating and boosted their price target for the company from $116.00 to $150.00 in a report on Tuesday, October 20th. Finally, Zacks Research upgraded Precision Drilling from a “strong sell” rating to a “hold” rating in a research note on Monday, September 28th. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Precision Drilling presently has a consensus rating of “Moderate Buy” and a consensus price target of $129.60.

Precision Drilling Trading Down 7.6%

NYSE:PDS opened at $97.76 on Tuesday. The stock has a fifty day moving average price of $88.82 and a two-hundred day moving average price of $87.87. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of -181.03 and a beta of 0.95. Precision Drilling has a 1 year low of $56.10 and a 1 year high of $112.03. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.29 and a current ratio of 1.46.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. State of Wyoming acquired a new position in Precision Drilling during the 3rd quarter worth about $32,000. Signaturefd LLC increased its stake in shares of Precision Drilling by 4.7% in the 3rd quarter. Signaturefd LLC now owns 3,054 shares of the oil and gas company’s stock valued at $246,000 after acquiring an additional 137 shares in the last quarter. Engineers Gate Manager LP raised its holdings in shares of Precision Drilling by 70.8% during the second quarter. Engineers Gate Manager LP now owns 31,802 shares of the oil and gas company’s stock valued at $2,438,000 after purchasing an additional 13,188 shares during the period. TD Waterhouse Canada Inc. increased its position in Precision Drilling by 21.2% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 12,341 shares of the oil and gas company’s stock valued at $929,000 after buying an additional 2,155 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in Precision Drilling in the 2nd quarter valued at about $557,000. Institutional investors own 48.86% of the company’s stock.

About Precision Drilling

Precision Drilling Corporation is an oilfield services company headquartered in Calgary, Alberta. The company provides contract drilling and related services to oil and natural gas exploration and production companies, with operations serving customers primarily in Canada and the United States as well as selected international markets.

Its Contract Drilling Services segment operates land-based drilling rigs and provides associated equipment, personnel and technical expertise. Precision also offers directional drilling and other technologies designed to support the construction of complex horizontal and extended-reach wells.

Through its Completion and Production Services business, the company provides well servicing, snubbing, rental equipment, camp and catering services, and other support activities used during well completion, maintenance and production.