Precision Drilling (NYSE:PDS) Trading Down 5%

Shares of Precision Drilling Co. (NYSE:PDS) (TSE:PD) dropped 5% during trading on Tuesday . The stock traded as low as $62.46 and last traded at $62.56. Approximately 10,724 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 67,148 shares. The stock had previously closed at $65.84.

Wall Street Analyst Weigh In

PDS has been the subject of several research reports. Piper Sandler boosted their price objective on shares of Precision Drilling from $95.00 to $112.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. StockNews.com raised Precision Drilling from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Precision Drilling presently has an average rating of “Moderate Buy” and a consensus price target of $118.50.

Precision Drilling Price Performance

The firm has a market cap of $885.34 million, a price-to-earnings ratio of 5.40 and a beta of 1.97. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.39 and a current ratio of 1.51. The stock’s 50 day simple moving average is $70.75 and its 200-day simple moving average is $69.18.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of ($0.62) by $2.06. Precision Drilling had a net margin of 11.68% and a return on equity of 9.26%. The business had revenue of $429.20 million for the quarter, compared to analysts’ expectations of $310.13 million. During the same quarter last year, the company earned $1.21 EPS. The business’s revenue was up .8% on a year-over-year basis. Equities research analysts anticipate that Precision Drilling Co. will post 7.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PDS. Sanctuary Advisors LLC acquired a new stake in shares of Precision Drilling during the 2nd quarter valued at approximately $468,000. Point72 Asset Management L.P. grew its stake in Precision Drilling by 31.1% in the 2nd quarter. Point72 Asset Management L.P. now owns 57,949 shares of the oil and gas company’s stock valued at $4,073,000 after acquiring an additional 13,749 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in Precision Drilling by 1.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,020 shares of the oil and gas company’s stock valued at $844,000 after acquiring an additional 150 shares in the last quarter. Squarepoint Ops LLC acquired a new position in Precision Drilling during the second quarter worth about $210,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Precision Drilling by 16.8% in the second quarter. Dimensional Fund Advisors LP now owns 201,625 shares of the oil and gas company’s stock valued at $14,182,000 after acquiring an additional 28,947 shares in the last quarter. Institutional investors and hedge funds own 48.86% of the company’s stock.

Precision Drilling Company Profile

Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates through Contract Drilling Services and Completion and Production Services segments.