Precision Drilling (NYSE:PDS) Lowered to Hold Rating by Wall Street Zen

Wall Street Zen downgraded shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a buy rating to a hold rating in a report released on Sunday.

Several other analysts have also commented on PDS. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $124.00 price target (up previously from $119.00) on shares of Precision Drilling in a research report on Friday, February 13th. BMO Capital Markets restated an “outperform” rating on shares of Precision Drilling in a research report on Thursday, February 12th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Precision Drilling in a report on Wednesday, January 28th. ATB Cormark Capital Markets raised Precision Drilling to a “strong-buy” rating in a research report on Thursday, October 30th. Finally, TD Securities reaffirmed a “hold” rating on shares of Precision Drilling in a research report on Thursday, February 12th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $114.50.

Precision Drilling Stock Down 1.4%

NYSE PDS opened at $88.21 on Friday. The business’s fifty day simple moving average is $76.82 and its 200-day simple moving average is $64.82. The company has a quick ratio of 1.46, a current ratio of 1.62 and a debt-to-equity ratio of 0.43. The firm has a market cap of $1.14 billion, a PE ratio of -226.17 and a beta of 1.04. Precision Drilling has a 52 week low of $36.20 and a 52 week high of $92.40.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings data on Wednesday, February 11th. The oil and gas company reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.26. Precision Drilling had a net margin of 0.05% and a return on equity of 4.12%. The firm had revenue of $349.37 million during the quarter, compared to analyst estimates of $489.80 million. As a group, equities analysts anticipate that Precision Drilling will post 7.1 earnings per share for the current year.

Institutional Investors Weigh In On Precision Drilling

Several hedge funds and other institutional investors have recently made changes to their positions in PDS. Arrowstreet Capital Limited Partnership grew its holdings in shares of Precision Drilling by 275.5% during the second quarter. Arrowstreet Capital Limited Partnership now owns 387,598 shares of the oil and gas company’s stock worth $18,338,000 after purchasing an additional 284,384 shares during the last quarter. Aegis Financial Corp boosted its position in shares of Precision Drilling by 10.2% in the 2nd quarter. Aegis Financial Corp now owns 215,396 shares of the oil and gas company’s stock valued at $10,182,000 after purchasing an additional 19,891 shares during the period. Beirne Wealth Consulting Services LLC purchased a new position in Precision Drilling during the 3rd quarter worth approximately $325,000. US Bancorp DE increased its position in Precision Drilling by 52.3% during the third quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock worth $67,000 after buying an additional 408 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in Precision Drilling during the second quarter worth approximately $57,000. Institutional investors and hedge funds own 48.86% of the company’s stock.

About Precision Drilling

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.