Precision Drilling (PDS) Upgraded to Buy at Canaccord Genuity

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Canaccord Genuity upgraded shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a hold rating to a buy rating in a report issued on Friday, The Fly reports.

Several other research analysts have also commented on PDS. Morgan Stanley upgraded Precision Drilling from an equal weight rating to an overweight rating and set a $4.25 price target for the company in a research report on Thursday, July 12th. Zacks Investment Research lowered Precision Drilling from a buy rating to a hold rating in a research report on Tuesday, July 17th. Credit Suisse Group boosted their target price on Precision Drilling from $3.80 to $3.90 and gave the company a neutral rating in a research report on Friday, July 27th. Jefferies Financial Group set a $5.00 target price on Precision Drilling and gave the company a buy rating in a research report on Monday, July 30th. Finally, Piper Jaffray Companies restated a buy rating and set a $5.25 target price on shares of Precision Drilling in a research report on Tuesday, July 31st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. Precision Drilling currently has an average rating of Buy and an average price target of $4.40.

PDS traded down $0.02 on Friday, hitting $2.61. The company had a trading volume of 4,328,799 shares, compared to its average volume of 1,552,165. The firm has a market cap of $790.27 million, a P/E ratio of -9.32 and a beta of 2.10. Precision Drilling has a 12-month low of $2.31 and a 12-month high of $4.14. The company has a current ratio of 1.85, a quick ratio of 1.73 and a debt-to-equity ratio of 0.98.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings results on Thursday, October 25th. The oil and gas company reported ($0.08) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.02). The company had revenue of $292.65 million during the quarter, compared to analysts’ expectations of $306.54 million. Precision Drilling had a negative return on equity of 6.59% and a negative net margin of 9.77%. On average, research analysts forecast that Precision Drilling will post -0.27 earnings per share for the current fiscal year.

Large investors have recently made changes to their positions in the business. Cumberland Partners Ltd purchased a new position in shares of Precision Drilling during the second quarter valued at approximately $1,270,000. Prescott Group Capital Management L.L.C. purchased a new position in shares of Precision Drilling during the second quarter valued at approximately $202,000. JPMorgan Chase & Co. boosted its position in shares of Precision Drilling by 1,439.4% during the first quarter. JPMorgan Chase & Co. now owns 159,621 shares of the oil and gas company’s stock valued at $443,000 after buying an additional 149,252 shares during the period. Lonestar Capital Management LLC boosted its position in shares of Precision Drilling by 6.3% during the second quarter. Lonestar Capital Management LLC now owns 4,000,000 shares of the oil and gas company’s stock valued at $13,280,000 after buying an additional 237,400 shares during the period. Finally, Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Precision Drilling by 112.1% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 59,537 shares of the oil and gas company’s stock valued at $197,000 after purchasing an additional 31,461 shares during the period. Institutional investors and hedge funds own 50.90% of the company’s stock.

Precision Drilling Company Profile

Precision Drilling Corporation provides oil and natural gas drilling and related services and products. The company operates in two segments, Contract Drilling Services, and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry.

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Analyst Recommendations for Precision Drilling (NYSE:PDS)

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