Precision Drilling Corporation (PDS) Trading Up 9.2%
Precision Drilling Corporation (NYSE:PDS) (TSE:PD)’s share price was up 9.2% during trading on Wednesday . The company traded as high as $2.85 and last traded at $2.84. Approximately 7,955,075 shares changed hands during trading, an increase of 164% from the average daily volume of 3,016,960 shares. The stock had previously closed at $2.60.
Several equities analysts have issued reports on the stock. Cowen and Company restated a “buy” rating and issued a $5.00 price objective on shares of Precision Drilling Corporation in a research note on Tuesday, July 11th. Jefferies Group LLC restated a “buy” rating and issued a $4.50 price objective (down previously from $6.00) on shares of Precision Drilling Corporation in a research note on Wednesday, August 2nd. Morgan Stanley downgraded shares of Precision Drilling Corporation from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $9.00 to $4.50 in a research note on Wednesday, June 21st. Piper Jaffray Companies restated a “hold” rating and issued a $3.25 price objective on shares of Precision Drilling Corporation in a research note on Thursday, August 3rd. Finally, Zacks Investment Research upgraded shares of Precision Drilling Corporation from a “sell” rating to a “hold” rating in a research note on Friday, July 28th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $6.21.
The firm’s market capitalization is $803.47 million. The company’s 50 day moving average price is $2.81 and its 200 day moving average price is $3.72.
Precision Drilling Corporation (NYSE:PDS) (TSE:PD) last posted its quarterly earnings results on Monday, July 31st. The oil and gas company reported ($0.09) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.16) by $0.07. Precision Drilling Corporation had a negative net margin of 12.38% and a negative return on equity of 7.10%. The business had revenue of $275.52 million during the quarter, compared to analyst estimates of $271.33 million. During the same period in the previous year, the business posted ($0.20) EPS. The company’s quarterly revenue was up 68.0% on a year-over-year basis. Equities analysts anticipate that Precision Drilling Corporation will post ($0.32) EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently bought and sold shares of PDS. Quantbot Technologies LP acquired a new position in shares of Precision Drilling Corporation in the 1st quarter valued at about $102,000. Pacad Investment Ltd. boosted its holdings in shares of Precision Drilling Corporation by 81.2% in the 2nd quarter. Pacad Investment Ltd. now owns 32,800 shares of the oil and gas company’s stock valued at $112,000 after buying an additional 14,700 shares during the period. Cipher Capital LP acquired a new position in shares of Precision Drilling Corporation in the 1st quarter valued at about $120,000. Tower Research Capital LLC TRC boosted its holdings in shares of Precision Drilling Corporation by 200.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 29,724 shares of the oil and gas company’s stock valued at $132,000 after buying an additional 19,819 shares during the period. Finally, Verition Fund Management LLC acquired a new position in shares of Precision Drilling Corporation in the 2nd quarter valued at about $158,000. 61.45% of the stock is owned by institutional investors and hedge funds.
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Precision Drilling Corporation Company Profile
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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