Precision Drilling (NYSE:PDS) Cut to Strong Sell at Zacks Research

Precision Drilling (NYSE:PDS) (TSE:PD) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Wednesday,Zacks.com reports.

PDS has been the topic of a number of other reports. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Precision Drilling in a research note on Friday, May 1st. BMO Capital Markets restated an “outperform” rating on shares of Precision Drilling in a research note on Thursday, April 30th. Royal Bank Of Canada lifted their price target on shares of Precision Drilling from $124.00 to $140.00 and gave the stock an “outperform” rating in a report on Monday, March 23rd. TD Securities reiterated a “hold” rating on shares of Precision Drilling in a research note on Friday, May 1st. Finally, Weiss Ratings lowered Precision Drilling from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $122.33.

Precision Drilling Trading Up 0.5%

Shares of Precision Drilling stock opened at $75.62 on Wednesday. The firm has a market cap of $977.01 million, a PE ratio of -80.45 and a beta of 0.76. Precision Drilling has a 1 year low of $48.59 and a 1 year high of $103.80. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.70 and a quick ratio of 1.52. The stock has a fifty day moving average price of $90.70 and a 200-day moving average price of $86.34.

Institutional Investors Weigh In On Precision Drilling

Several hedge funds have recently bought and sold shares of the stock. Sumitomo Mitsui Trust Group Inc. increased its holdings in Precision Drilling by 2.1% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 6,171 shares of the oil and gas company’s stock valued at $607,000 after purchasing an additional 128 shares during the period. Amova Asset Management Americas Inc. lifted its holdings in Precision Drilling by 2.1% in the 1st quarter. Amova Asset Management Americas Inc. now owns 6,171 shares of the oil and gas company’s stock worth $606,000 after buying an additional 128 shares during the period. State of Wyoming grew its position in shares of Precision Drilling by 4.0% in the 4th quarter. State of Wyoming now owns 4,490 shares of the oil and gas company’s stock worth $323,000 after buying an additional 173 shares during the last quarter. SIR Capital Management L.P. grew its position in shares of Precision Drilling by 0.4% in the 4th quarter. SIR Capital Management L.P. now owns 56,178 shares of the oil and gas company’s stock worth $4,031,000 after buying an additional 200 shares during the last quarter. Finally, Amundi increased its stake in shares of Precision Drilling by 6.9% during the first quarter. Amundi now owns 3,095 shares of the oil and gas company’s stock valued at $305,000 after buying an additional 201 shares during the period. 48.86% of the stock is currently owned by institutional investors.

Precision Drilling Company Profile

Precision Drilling Corporation (NYSE: PDS) is a Calgary, Alberta–based oilfield services company that has provided drilling solutions since its founding in 1951. With more than seven decades of industry experience, the company delivers contract drilling services, directional and horizontal drilling, well servicing, and a suite of specialized equipment designed to meet the evolving needs of exploration and production companies worldwide.

The company’s core business activities include operating a fleet of onshore drilling rigs, offering managed pressure drilling, measurement-while-drilling (MWD) and logging-while-drilling (LWD) services, and providing completion and workover rigs.