Precision Drilling Corporation (NYSE:PDS) Receives Average Recommendation of “Moderate Buy” from Analysts

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) has been assigned a consensus rating of “Moderate Buy” from the eight research firms that are currently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $122.3333.

Several research analysts recently issued reports on the stock. TD Securities reissued a “hold” rating on shares of Precision Drilling in a research note on Friday, May 1st. Zacks Research downgraded shares of Precision Drilling from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 1st. Wall Street Zen lowered shares of Precision Drilling from a “buy” rating to a “hold” rating in a report on Sunday, March 22nd. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Precision Drilling in a report on Friday, May 1st. Finally, Weiss Ratings cut shares of Precision Drilling from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, June 23rd.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Wolverine Asset Management LLC grew its stake in Precision Drilling by 112.9% in the fourth quarter. Wolverine Asset Management LLC now owns 802 shares of the oil and gas company’s stock valued at $58,000 after acquiring an additional 7,000 shares during the period. Group One Trading LLC acquired a new position in shares of Precision Drilling during the first quarter worth approximately $81,000. Quarry LP acquired a new position in shares of Precision Drilling during the third quarter worth approximately $54,000. Cubist Systematic Strategies LLC bought a new position in shares of Precision Drilling in the 1st quarter worth $45,000. Finally, US Bancorp DE lifted its holdings in shares of Precision Drilling by 52.3% in the 3rd quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock worth $67,000 after purchasing an additional 408 shares in the last quarter. 48.86% of the stock is owned by institutional investors and hedge funds.

Precision Drilling Stock Performance

Shares of PDS stock opened at $80.52 on Friday. The firm has a 50 day moving average of $89.11 and a 200-day moving average of $86.68. The company has a market cap of $1.04 billion, a price-to-earnings ratio of -85.66 and a beta of 0.76. The company has a quick ratio of 1.52, a current ratio of 1.70 and a debt-to-equity ratio of 0.41. Precision Drilling has a 52 week low of $48.59 and a 52 week high of $103.80.

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.