JPMorgan Chase & Co. cut shares of Precision Drilling Corp (NYSE:PDS) (TSE:PD) from an overweight rating to a neutral rating in a research note released on Tuesday, September 12th, MarketBeat.com reports.
Several other equities analysts have also recently issued reports on PDS. Wolfe Research cut shares of Precision Drilling Corp from an outperform rating to a market perform rating in a research note on Tuesday, June 6th. Jefferies Group LLC set a $6.00 price target on shares of Precision Drilling Corp and gave the company a buy rating in a research report on Tuesday, June 6th. BidaskClub raised shares of Precision Drilling Corp from a strong sell rating to a sell rating in a research report on Tuesday, June 13th. Morgan Stanley lowered shares of Precision Drilling Corp from an overweight rating to an equal weight rating and reduced their target price for the stock from $9.00 to $4.50 in a report on Wednesday, June 21st. Finally, Piper Jaffray Companies lowered shares of Precision Drilling Corp from an overweight rating to a neutral rating and reduced their target price for the stock from $5.00 to $3.25 in a report on Thursday, June 29th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. Precision Drilling Corp presently has an average rating of Buy and a consensus target price of $6.30.
Precision Drilling Corp (PDS) traded down 2.50% during midday trading on Tuesday, hitting $3.12. 2,720,424 shares of the company traded hands. Precision Drilling Corp has a 12-month low of $2.38 and a 12-month high of $6.25. The company’s market capitalization is $914.90 million. The stock’s 50-day moving average price is $2.75 and its 200 day moving average price is $3.58.
Precision Drilling Corp (NYSE:PDS) (TSE:PD) last announced its quarterly earnings results on Monday, July 31st. The oil and gas company reported ($0.09) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.16) by $0.07. The company had revenue of $275.52 million for the quarter, compared to analysts’ expectations of $271.33 million. Precision Drilling Corp had a negative net margin of 13.11% and a negative return on equity of 7.57%. Precision Drilling Corp’s revenue was up 68.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.20) EPS. On average, equities analysts forecast that Precision Drilling Corp will post ($0.32) EPS for the current year.
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A number of hedge funds have recently added to or reduced their stakes in the business. Franklin Resources Inc. increased its stake in Precision Drilling Corp by 44.6% in the second quarter. Franklin Resources Inc. now owns 44,803,597 shares of the oil and gas company’s stock worth $153,112,000 after purchasing an additional 13,815,928 shares during the period. FMR LLC increased its stake in Precision Drilling Corp by 22.1% in the second quarter. FMR LLC now owns 16,603,054 shares of the oil and gas company’s stock worth $56,719,000 after purchasing an additional 3,007,124 shares during the period. Systematic Financial Management LP increased its stake in Precision Drilling Corp by 7.7% in the first quarter. Systematic Financial Management LP now owns 15,391,797 shares of the oil and gas company’s stock worth $72,649,000 after purchasing an additional 1,099,574 shares during the period. Vanguard Group Inc. increased its stake in Precision Drilling Corp by 7.3% in the second quarter. Vanguard Group Inc. now owns 6,074,303 shares of the oil and gas company’s stock worth $20,712,000 after purchasing an additional 413,573 shares during the period. Finally, TD Asset Management Inc. increased its stake in Precision Drilling Corp by 4.7% in the second quarter. TD Asset Management Inc. now owns 5,758,616 shares of the oil and gas company’s stock worth $19,646,000 after purchasing an additional 258,431 shares during the period. Institutional investors and hedge funds own 61.43% of the company’s stock.
Precision Drilling Corp Company Profile
Precision Drilling Corporation (Precision) is an oilfield services company. The Company provides onshore drilling and completion and production services to exploration and production companies in the oil and natural gas industry. The Company operates through two segments: Contract Drilling Services, and Completion and Production Services.
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