Precision Drilling Corporation (NYSE:PDS) is one of the best oil drilling stocks according to Hedge Funds, especially after a fresh boost from Wall Street. On July 15, Piper Sandler initiated coverage on the stock with an Overweight rating and a $72 price target, signaling over 40% upside from current levels. The firm highlighted Precision’s operational efficiency and disciplined cost structure, noting its strong position even as the U.S. land drilling market cools under falling rig counts and commodity price pressure.
The timing of this call is notable. Precision just wrapped up a solid first quarter, delivering strong cash flow, paying down debt, and repurchasing shares while maintaining stable Canadian rig day rates near $35,600. Its Canadian rig count held steady at 74 rigs, nearly flat year over year, showing resilience despite macro headwinds.
Precision Drilling is Canada’s largest land-based drilling contractor, operating a fleet of high-performance rigs across North America and the Middle East. It also offers well services and field technology solutions.
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