Zacks Investment Research upgraded shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a hold rating to a buy rating in a report published on Thursday. Zacks Investment Research currently has $3.50 target price on the oil and gas company’s stock.
According to Zacks, “Precision Drilling Corporation is an oilfield services company. The Company provides contract drilling, well servicing and strategic support services to the oil and gas industry in North America and internationally. It provides land drilling, directional drilling, turnkey drilling, camp and catering services, procures and distributes oilfield supplies. It also offers service rigs for well completion and workover services, snubbing services and wastewater treatment services, tubulars, well control equipment, wellsite accommodations. Precision Drilling Corporation is headquartered in Calgary, Canada. “
PDS has been the topic of a number of other reports. Cowen set a $5.00 price target on shares of Precision Drilling and gave the company a buy rating in a research note on Wednesday, October 18th. Piper Jaffray Companies raised shares of Precision Drilling from a neutral rating to an overweight rating and raised their price target for the company from $3.60 to $4.25 in a research note on Monday, September 18th. Royal Bank of Canada reaffirmed an outperform rating and issued a $6.00 price target (down from $7.00) on shares of Precision Drilling in a research note on Friday, October 6th. ValuEngine lowered shares of Precision Drilling from a sell rating to a strong sell rating in a research note on Sunday, December 31st. Finally, JPMorgan Chase & Co. lowered shares of Precision Drilling from an overweight rating to a neutral rating in a research note on Tuesday, September 12th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $4.73.
Shares of Precision Drilling (PDS) traded down $0.04 during trading on Thursday, reaching $3.26. 2,021,300 shares of the company were exchanged, compared to its average volume of 2,748,025. The stock has a market cap of $940.21, a price-to-earnings ratio of -10.19 and a beta of 1.77. Precision Drilling has a 1 year low of $2.26 and a 1 year high of $6.14. The company has a debt-to-equity ratio of 0.96, a current ratio of 2.22 and a quick ratio of 2.10.
Precision Drilling (NYSE:PDS) (TSE:PD) last issued its quarterly earnings results on Friday, October 27th. The oil and gas company reported ($0.07) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.09) by $0.02. The firm had revenue of $314.50 million for the quarter, compared to analyst estimates of $320.36 million. Precision Drilling had a negative net margin of 9.45% and a negative return on equity of 5.93%. Precision Drilling’s quarterly revenue was up 47.2% compared to the same quarter last year. During the same period last year, the company posted ($0.16) EPS. equities analysts anticipate that Precision Drilling will post -0.31 EPS for the current fiscal year.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pacad Investment Ltd. lifted its stake in Precision Drilling by 81.2% in the 2nd quarter. Pacad Investment Ltd. now owns 32,800 shares of the oil and gas company’s stock worth $112,000 after purchasing an additional 14,700 shares in the last quarter. DORCHESTER WEALTH MANAGEMENT Co purchased a new position in Precision Drilling in the 3rd quarter worth approximately $126,000. Tower Research Capital LLC TRC lifted its stake in Precision Drilling by 200.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 29,724 shares of the oil and gas company’s stock worth $132,000 after purchasing an additional 19,819 shares in the last quarter. Verition Fund Management LLC purchased a new position in Precision Drilling in the 2nd quarter worth approximately $158,000. Finally, Virtu KCG Holdings LLC lifted its stake in Precision Drilling by 49.9% in the 2nd quarter. Virtu KCG Holdings LLC now owns 115,581 shares of the oil and gas company’s stock worth $394,000 after purchasing an additional 38,460 shares in the last quarter. 49.23% of the stock is currently owned by institutional investors and hedge funds.
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About Precision Drilling
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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