Precision Drilling Corp. (PDS) Sees Strong Trading Volume
Shares of Precision Drilling Corp. (NYSE:PDS) saw unusually-strong trading volume on Tuesday . Approximately 1,685,641 shares were traded during trading, a decline of 2% from the previous session’s volume of 1,716,888 shares.The stock last traded at $4.51 and had previously closed at $4.56.
A number of analysts have recently issued reports on PDS shares. Royal Bank Of Canada restated an “outperform” rating and set a $6.50 price objective on shares of Precision Drilling Corp. in a research report on Tuesday, April 26th. Morgan Stanley boosted their price objective on Precision Drilling Corp. from $3.50 to $6.00 and gave the company an “overweight” rating in a research report on Tuesday, April 19th. Credit Suisse Group AG cut Precision Drilling Corp. from a “neutral” rating to an “underperform” rating and set a $3.00 price objective on the stock. in a research report on Wednesday, June 1st. Raymond James Financial Inc. upgraded Precision Drilling Corp. from an “underperform” rating to a “market perform” rating in a research report on Tuesday, May 31st. Finally, Zacks Investment Research cut Precision Drilling Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, July 14th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $5.43.
The stock’s market cap is $1.35 billion. The stock’s 50-day moving average is $4.75 and its 200 day moving average is $4.42.
Precision Drilling Corp. (NYSE:PDS) last announced its earnings results on Thursday, July 21st. The company reported ($0.20) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.24) by $0.04. The firm had revenue of $164 million for the quarter, compared to the consensus estimate of $172.98 million. Precision Drilling Corp.’s revenue for the quarter was down 51.0% on a year-over-year basis. During the same quarter last year, the business posted ($0.10) EPS. On average, equities research analysts forecast that Precision Drilling Corp. will post ($0.48) EPS for the current fiscal year.
A number of institutional investors recently bought and sold shares of PDS. I.G. Investment Management LTD. bought a new position in Precision Drilling Corp. during the fourth quarter worth approximately $1,092,000. Employees Retirement System of Texas raised its position in 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 worth $4,192,000 after buying an additional 848,000 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in 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 during the period.
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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