Precision Drilling Corp. (PDS) Trading Down 5%
Precision Drilling Corp. (NYSE:PDS)’s share price fell 5% on Tuesday . The company traded as low as $4.70 and last traded at $4.72, with a volume of 1,015,356 shares traded. The stock had previously closed at $4.97.
A number of brokerages have recently weighed in on PDS. Raymond James Financial Inc. raised Precision Drilling Corp. from an “underperform” rating to a “market perform” rating in a research report on Tuesday, May 31st. Canaccord Genuity reaffirmed a “hold” rating and set a $6.50 target price (up from $4.25) on shares of Precision Drilling Corp. in a research report on Wednesday, March 23rd. Zacks Investment Research lowered Precision Drilling Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, April 14th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $6.50 target price on shares of Precision Drilling Corp. in a research report on Tuesday, April 26th. Finally, Morgan Stanley upped their target price on Precision Drilling Corp. from $3.50 to $6.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 19th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $5.09.
The stock’s market capitalization is $1.38 billion. The firm has a 50-day moving average of $5.11 and a 200-day moving average of $4.24.
Precision Drilling Corp. (NYSE:PDS) last released its quarterly earnings results on Thursday, July 21st. The company reported ($0.20) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.24) by $0.04. During the same quarter in the prior year, the firm earned ($0.10) earnings per share. The firm had revenue of $164 million for the quarter, compared to the consensus estimate of $172.98 million. The company’s revenue for the quarter was down 51.0% compared to the same quarter last year. Analysts forecast that Precision Drilling Corp. will post ($0.68) earnings per share for the current fiscal year.
A hedge fund recently raised its stake in Precision Drilling Corp. stock. Employees Retirement System of Texas boosted its stake in shares of Precision Drilling Corp. (NYSE:PDS) by 392.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,064,000 shares of the company’s stock after buying an additional 848,000 shares during the period. Employees Retirement System of Texas owned about 0.36% of Precision Drilling Corp. worth $4,192,000 as of its most recent SEC filing.
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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