Precision Drilling Corporation (NYSE:PDS) (TSE:PD) shares shot up 9.2% during trading on Wednesday . The stock traded as high as $2.85 and last traded at $2.84. 7,955,075 shares traded hands during trading, an increase of 164% from the average session volume of 3,016,960 shares. The stock had previously closed at $2.60.

Several research firms have commented on PDS. UBS AG raised shares of Precision Drilling Corporation from an “outperform” rating to a “strong-buy” rating in a report on Thursday, July 6th. Jefferies Group LLC reissued a “buy” rating and set a $4.50 price objective (down previously from $6.00) on shares of Precision Drilling Corporation in a report on Wednesday, August 2nd. Zacks Investment Research raised shares of Precision Drilling Corporation from a “sell” rating to a “hold” rating in a report on Friday, July 28th. Piper Jaffray Companies reissued a “hold” rating and set a $3.25 price objective on shares of Precision Drilling Corporation in a report on Thursday, August 3rd. Finally, BidaskClub raised shares of Precision Drilling Corporation from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $6.21.

The firm has a 50 day moving average price of $2.82 and a 200-day moving average price of $3.74. The stock’s market cap is $832.80 million.

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) last posted its earnings results on Monday, July 31st. The oil and gas company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.07. The company had revenue of $275.52 million for the quarter, compared to analyst estimates of $271.33 million. Precision Drilling Corporation had a negative net margin of 12.38% and a negative return on equity of 7.10%. Precision Drilling Corporation’s revenue was up 68.0% on a year-over-year basis. During the same period in the previous year, the business posted ($0.20) EPS. On average, equities research analysts predict that Precision Drilling Corporation will post ($0.32) earnings per share for the current fiscal year.

A number of large investors have recently bought and sold shares of PDS. Princeton Alpha Management LP boosted its holdings in Precision Drilling Corporation by 18.3% in the 1st quarter. Princeton Alpha Management LP now owns 37,809 shares of the oil and gas company’s stock valued at $178,000 after purchasing an additional 5,861 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Precision Drilling Corporation by 2.4% in the 1st quarter. Bank of New York Mellon Corp now owns 84,060 shares of the oil and gas company’s stock valued at $396,000 after purchasing an additional 1,938 shares during the last quarter. TD Asset Management Inc. boosted its holdings in Precision Drilling Corporation by 15.5% in the 1st quarter. TD Asset Management Inc. now owns 5,500,185 shares of the oil and gas company’s stock valued at $25,942,000 after purchasing an additional 736,820 shares during the last quarter. Parametric Portfolio Associates LLC boosted its holdings in Precision Drilling Corporation by 140.0% in the 1st quarter. Parametric Portfolio Associates LLC now owns 53,083 shares of the oil and gas company’s stock valued at $251,000 after purchasing an additional 30,964 shares during the last quarter. Finally, CIBC World Markets Inc. boosted its holdings in Precision Drilling Corporation by 4.5% in the 1st quarter. CIBC World Markets Inc. now owns 509,454 shares of the oil and gas company’s stock valued at $2,405,000 after purchasing an additional 22,157 shares during the last quarter. Institutional investors own 61.45% of the company’s stock.

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About Precision Drilling Corporation

Precision Drilling Corporation (Precision) is an oilfield services company. The Company provides onshore drilling and completion and production services to exploration and production companies in the oil and natural gas industry. The Company operates through two segments: Contract Drilling Services, and Completion and Production Services.

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