Precision Drilling (NYSE:PDS) Rating Lowered to “Hold” at Wall Street Zen

Precision Drilling (NYSE:PDS) (TSE:PD) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Sunday.

A number of other brokerages have also issued reports on PDS. Royal Bank Of Canada increased their target price on Precision Drilling from $110.00 to $117.00 and gave the company an “outperform” rating in a research report on Friday. TD Securities restated a “hold” rating on shares of Precision Drilling in a research report on Thursday. Piper Sandler reiterated an “overweight” rating and issued a $74.00 target price (up previously from $72.00) on shares of Precision Drilling in a research report on Thursday, August 14th. Weiss Ratings restated a “hold (c)” rating on shares of Precision Drilling in a research report on Wednesday, October 8th. Finally, Zacks Research lowered shares of Precision Drilling from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 15th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Precision Drilling presently has an average rating of “Moderate Buy” and an average price target of $95.50.

Precision Drilling Price Performance

NYSE:PDS opened at $60.23 on Friday. The company has a quick ratio of 1.42, a current ratio of 1.58 and a debt-to-equity ratio of 0.41. Precision Drilling has a 52 week low of $36.20 and a 52 week high of $67.35. The stock’s 50-day moving average price is $56.81 and its 200-day moving average price is $50.86. The stock has a market capitalization of $793.22 million, a PE ratio of 22.39 and a beta of 1.11.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its quarterly earnings results on Wednesday, October 22nd. The oil and gas company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.20 by ($1.57). Precision Drilling had a return on equity of 3.44% and a net margin of 3.17%.The business had revenue of $331.90 million for the quarter, compared to analysts’ expectations of $471.38 million. As a group, equities analysts expect that Precision Drilling will post 7.1 EPS for the current fiscal year.

Institutional Trading of Precision Drilling

Large investors have recently bought and sold shares of the business. Cubist Systematic Strategies LLC purchased a new position in Precision Drilling in the 1st quarter worth approximately $45,000. Raymond James Financial Inc. purchased a new stake in shares of Precision Drilling in the second quarter valued at approximately $57,000. Signaturefd LLC increased its holdings in shares of Precision Drilling by 52.4% in the second quarter. Signaturefd LLC now owns 2,230 shares of the oil and gas company’s stock valued at $105,000 after purchasing an additional 767 shares during the last quarter. Aristides Capital LLC purchased a new position in Precision Drilling during the first quarter worth approximately $252,000. Finally, Vident Advisory LLC boosted its stake in Precision Drilling by 8.2% during the first quarter. Vident Advisory LLC now owns 6,766 shares of the oil and gas company’s stock worth $315,000 after buying an additional 512 shares during the last quarter. Hedge funds and other institutional investors own 48.86% of the company’s stock.

About Precision Drilling

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.