Precision Drilling Corporation (NYSE:PDS) (TSE:PD) was downgraded by analysts at J P Morgan Chase & Co from an “overweight” rating to a “neutral” rating in a research note issued to investors on Tuesday.

A number of other analysts have also issued reports on the stock. TD Securities initiated coverage on shares of Precision Drilling Corporation in a research report on Monday. They set a “buy” rating on the stock. ValuEngine downgraded shares of Precision Drilling Corporation from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st. Piper Jaffray Companies reaffirmed a “hold” rating and set a $3.25 price target on shares of Precision Drilling Corporation in a research note on Thursday, August 3rd. Jefferies Group LLC reaffirmed a “buy” rating and set a $4.50 price target (down previously from $6.00) on shares of Precision Drilling Corporation in a research note on Wednesday, August 2nd. Finally, Zacks Investment Research raised shares of Precision Drilling Corporation from a “sell” rating to a “hold” rating in a research note on Friday, July 28th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $6.21.

Shares of Precision Drilling Corporation (NYSE:PDS) opened at 2.84 on Tuesday. Precision Drilling Corporation has a 12 month low of $2.38 and a 12 month high of $6.25. The stock’s market cap is $832.80 million. The firm has a 50-day moving average price of $2.78 and a 200-day moving average price of $3.66.

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) last announced its earnings results on Monday, July 31st. The oil and gas company reported ($0.09) earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm had revenue of $275.52 million for the quarter, compared to analyst estimates of $271.33 million. During the same quarter last year, the business earned ($0.20) earnings per share. Precision Drilling Corporation’s revenue was up 68.0% compared to the same quarter last year. Equities analysts expect that Precision Drilling Corporation will post ($0.33) EPS for the current fiscal year.

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Several large investors have recently added to or reduced their stakes in PDS. Quantbot Technologies LP bought a new position in shares of Precision Drilling Corporation in the first quarter valued at $102,000. Pacad Investment Ltd. grew its stake in shares of Precision Drilling Corporation by 81.2% in the second 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 in the last quarter. Cipher Capital LP bought a new position in shares of Precision Drilling Corporation in the first quarter valued at $120,000. Tower Research Capital LLC TRC grew its stake in shares of Precision Drilling Corporation by 200.1% in the second 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 in the last quarter. Finally, Verition Fund Management LLC bought a new position in shares of Precision Drilling Corporation in the second quarter valued at $158,000. 61.45% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Precision Drilling Corporation (NYSE:PDS)

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