TD Securities Initiates Coverage on Precision Drilling Corporation (NYSE:PDS)

TD Securities began coverage on shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) in a research report report published on Monday, September 11th, The Fly reports. The firm issued a buy rating on the oil and gas company’s stock.

Other analysts also recently issued reports about the stock. Zacks Investment Research downgraded shares of Precision Drilling Corporation from a hold rating to a sell rating in a report on Friday, July 21st. Jefferies Group LLC set a $6.00 price target on shares of Precision Drilling Corporation and gave the company a buy rating in a report on Tuesday, June 6th. Cowen and Company restated a buy rating and issued a $5.00 target price on shares of Precision Drilling Corporation in a report on Tuesday, July 11th. ValuEngine downgraded shares of Precision Drilling Corporation from a sell rating to a strong sell rating in a report on Friday, September 1st. Finally, BidaskClub cut shares of Precision Drilling Corporation from a sell rating to a strong sell rating in a research note on Wednesday, July 19th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $6.30.

Shares of Precision Drilling Corporation (NYSE:PDS) traded down 2.50% during trading on Monday, hitting $3.12. The stock had a trading volume of 2,720,424 shares. The company’s market capitalization is $914.90 million. Precision Drilling Corporation has a 52 week low of $2.38 and a 52 week high of $6.25. The company’s 50 day moving average price is $2.75 and its 200 day moving average price is $3.58.

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) last issued its quarterly earnings results on Monday, July 31st. The oil and gas company reported ($0.09) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.07. The business had revenue of $275.52 million for the quarter, compared to analysts’ expectations of $271.33 million. Precision Drilling Corporation had a negative net margin of 12.38% and a negative return on equity of 7.10%. The company’s revenue was up 68.0% compared to the same quarter last year. During the same quarter last year, the company posted ($0.20) EPS. Analysts predict that Precision Drilling Corporation will post ($0.32) earnings per share for the current year.

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A number of hedge funds and other institutional investors have recently made changes to their positions in PDS. Princeton Alpha Management LP boosted its holdings in Precision Drilling Corporation by 18.3% during the first quarter. Princeton Alpha Management LP now owns 37,809 shares of the oil and gas company’s stock worth $178,000 after buying an additional 5,861 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Precision Drilling Corporation by 2.4% during the first quarter. Bank of New York Mellon Corp now owns 84,060 shares of the oil and gas company’s stock valued at $396,000 after purchasing an additional 1,938 shares in the last quarter. Parametric Portfolio Associates LLC lifted its holdings in Precision Drilling Corporation by 140.0% during the first quarter. Parametric Portfolio Associates LLC now owns 53,083 shares of the oil and gas company’s stock valued at $251,000 after purchasing an additional 30,964 shares in the last quarter. Airain ltd purchased a new position in Precision Drilling Corporation during the first quarter valued at $935,000. Finally, RidgeWorth Capital Management LLC purchased a new position in Precision Drilling Corporation during the first quarter valued at $219,000. 61.43% of the stock is currently owned by hedge funds and other institutional investors.

Precision Drilling Corporation 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.

The Fly

Analyst Recommendations for Precision Drilling Corporation (NYSE:PDS)

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