Precision Drilling Corp. (PDS) Trading Down 4.5%
Precision Drilling Corp. (NYSE:PDS) shares dropped 4.5% on Monday . The company traded as low as $4.85 and last traded at $4.86, with a volume of 1,203,158 shares trading hands. The stock had previously closed at $5.09.
PDS has been the topic of a number of analyst reports. Scotiabank downgraded Precision Drilling Corp. from a “sector perform” rating to a “sell” rating in a research note on Thursday, March 31st. Zacks Investment Research raised Precision Drilling Corp. from a “hold” rating to a “buy” rating and set a $5.00 price target on the stock in a research note on Tuesday, April 12th. Raymond James Financial Inc. raised Precision Drilling Corp. from an “underperform” rating to a “market perform” rating in a research note on Tuesday, May 31st. Morgan Stanley increased their price target on Precision Drilling Corp. from $3.50 to $6.00 and gave the company an “overweight” rating in a research note on Tuesday, April 19th. Finally, TD Securities downgraded Precision Drilling Corp. from an “action list buy” rating to a “buy” rating in a research note on Monday, March 21st. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company’s stock. Precision Drilling Corp. has an average rating of “Hold” and a consensus target price of $4.94.
The firm’s 50-day moving average is $5.06 and its 200 day moving average is $4.21. The company’s market capitalization is $1.45 billion.
Precision Drilling Corp. (NYSE:PDS) last issued its quarterly earnings results on Monday, April 25th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.09. The business had revenue of $302 million for the quarter, compared to analyst estimates of $295.78 million. During the same quarter last year, the firm posted $0.08 EPS. Precision Drilling Corp.’s revenue for the quarter was down 41.1% on a year-over-year basis. On average, equities analysts expect that Precision Drilling Corp. will post ($0.68) earnings per share for the current fiscal year.
A hedge fund recently bought a new stake in Precision Drilling Corp. stock. Oceanic Investment Management LTD purchased a new position in Precision Drilling Corp. (NYSE:PDS) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 736,477 shares of the company’s stock, valued at approximately $2,902,000. Precision Drilling Corp. comprises 0.5% of Oceanic Investment Management LTD’s investment portfolio, making the stock its 29th largest position. Oceanic Investment Management LTD owned 0.25% of Precision Drilling Corp. at the end of the most recent quarter.
Precision Drilling Corporation (Precision) provides contract drilling, and completion and production services primarily to oil and natural gas exploration and production companies in Canada, the United States and certain international locations. It operates through two segments: Contract Drilling Services, and Completion and Production Services.
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