Precision Drilling Corp. (PDS) Stock Price Down 3.3%
Precision Drilling Corp. (NYSE:PDS) dropped 3.3% during trading on Friday . The stock traded as low as $4.45 and last traded at $4.45, with a volume of 470,306 shares changing hands. The stock had previously closed at $4.60.
PDS has been the topic of several recent analyst reports. Morgan Stanley increased their price objective on Precision Drilling Corp. from $6.00 to $6.50 and gave the company an “overweight” rating in a research report on Monday, April 25th. Royal Bank Of Canada reissued an “outperform” rating and issued a $6.50 target price on shares of Precision Drilling Corp. in a research report on Tuesday, April 26th. Cowen and Company raised their target price on Precision Drilling Corp. from $4.40 to $5.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 27th. 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. Finally, Credit Suisse Group AG cut Precision Drilling Corp. from a “neutral” rating to an “underperform” rating and set a $3.00 target price on the stock. in a research report on Wednesday, June 1st. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $5.43.
The firm’s market cap is $1.30 billion. The stock’s 50 day moving average is $4.72 and its 200 day moving average is $4.43.
Precision Drilling Corp. (NYSE:PDS) last announced its earnings results on Thursday, July 21st. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.24) by $0.04. The business had revenue of $164 million for the quarter, compared to analyst estimates of $172.98 million. The company’s quarterly revenue was down 51.0% on a year-over-year basis. During the same period in the prior year, the company earned ($0.10) earnings per share. On average, analysts forecast that Precision Drilling Corp. will post ($0.49) earnings per share for the current fiscal year.
A number of hedge funds and institutional investors have made changes to their positions in PDS. Employees Retirement System of Texas raised its position in shares of Precision Drilling Corp. by 392.6% in the fourth quarter. Employees Retirement System of Texas now owns 1,064,000 shares of the company’s stock valued at $4,192,000 after buying an additional 848,000 shares in the last quarter. I.G. Investment Management LTD. purchased a new position in shares of Precision Drilling Corp. during the fourth quarter worth $1,092,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Precision Drilling Corp. by 468.3% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,325,403 shares of the company’s stock worth $17,033,000 after buying an additional 3,564,325 shares in the last 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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