Precision Drilling Corp. (PDS) Stock Price Down 5%
Shares of Precision Drilling Corp. (NYSE:PDS) fell 5% on Tuesday . The stock 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.
Several research firms have recently weighed in on PDS. Raymond James Financial Inc. downgraded Precision Drilling Corp. from a “market perform” rating to an “underperform” rating in a research report on Wednesday, April 20th. Zacks Investment Research upgraded Precision Drilling Corp. from a “hold” rating to a “buy” rating and set a $6.00 price objective for the company in a report on Thursday, June 30th. Canaccord Genuity restated a “hold” rating and issued a $6.50 price objective (up from $4.25) on shares of Precision Drilling Corp. in a report on Wednesday, March 23rd. Cowen and Company lifted their price objective on Precision Drilling Corp. from $4.40 to $5.00 and gave the company an “outperform” rating in a report on Wednesday, April 27th. Finally, Morgan Stanley lifted their price objective on Precision Drilling Corp. from $6.00 to $6.50 and gave the company an “overweight” rating in a report on Monday, April 25th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company. Precision Drilling Corp. presently has an average rating of “Hold” and a consensus target price of $4.90.
The firm’s market cap is $1.37 billion. The firm has a 50 day moving average price of $5.12 and a 200 day moving average price of $4.24.
Precision Drilling Corp. (NYSE:PDS) last posted its earnings results on Monday, April 25th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.09. During the same period in the previous year, the company posted $0.08 EPS. The firm had revenue of $302 million for the quarter, compared to analyst estimates of $295.78 million. Precision Drilling Corp.’s revenue was down 41.1% on a year-over-year basis. Equities research analysts forecast that Precision Drilling Corp. will post ($0.68) EPS for the current fiscal year.
An institutional investor recently raised its position in Precision Drilling Corp. stock. Employees Retirement System of Texas boosted its stake in Precision Drilling Corp. (NYSE:PDS) by 392.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 approximately 0.36% of Precision Drilling Corp. worth $4,192,000 as of its most recent filing with the SEC.
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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