Precision Drilling Corp. (PDS) Sees Unusually-High Trading Volume
Precision Drilling Corp. (NYSE:PDS) shares saw an uptick in trading volume on Tuesday . 1,685,641 shares changed hands 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 research firms recently issued reports on PDS. Deutsche Bank AG set a $5.00 target price on shares of Precision Drilling Corp. and gave the stock a “hold” rating in a research report on Sunday, July 24th. Raymond James Financial Inc. downgraded shares of Precision Drilling Corp. from a “market perform” rating to an “underperform” rating in a research report on Wednesday, April 20th. Zacks Investment Research downgraded shares of Precision Drilling Corp. from a “buy” rating to a “hold” rating in a research report on Saturday, July 23rd. TD Securities reissued a “buy” rating and set a $8.50 target price (down previously from $9.50) on shares of Precision Drilling Corp. in a research report on Tuesday, July 26th. Finally, Cowen and Company increased their target price on shares of Precision Drilling Corp. from $4.40 to $5.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 27th. Three 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. Precision Drilling Corp. currently has an average rating of “Hold” and an average target price of $5.43.
The company’s 50-day moving average is $4.74 and its 200-day moving average is $4.42. The firm’s market capitalization is $1.37 billion.
Precision Drilling Corp. (NYSE:PDS) last announced its quarterly earnings data on Thursday, July 21st. The company reported ($0.20) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.24) by $0.04. During the same quarter in the previous year, the business posted ($0.10) earnings per share. The business had revenue of $164 million for the quarter, compared to analyst estimates of $172.98 million. The company’s revenue was down 51.0% compared to the same quarter last year. On average, equities analysts anticipate that Precision Drilling Corp. will post ($0.48) earnings per share for the current year.
Other large investors have recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. increased its stake 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. Employees Retirement System of Texas increased its stake 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, I.G. Investment Management LTD. purchased a new stake in Precision Drilling Corp. during the fourth quarter worth $1,092,000.
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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