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

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

Several other research analysts have also recently issued reports on PDS. ATB Cormark Capital Markets raised Precision Drilling to a “strong-buy” rating in a research report on Thursday, October 30th. Zacks Research raised Precision Drilling from a “strong sell” rating to a “hold” rating in a report on Friday, January 30th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Precision Drilling in a research note on Wednesday, January 28th. Piper Sandler restated an “overweight” rating and set a $105.00 price objective (up previously from $81.00) on shares of Precision Drilling in a research report on Tuesday, February 17th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $124.00 target price (up previously from $119.00) on shares of Precision Drilling in a report on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $114.50.

Precision Drilling Trading Down 0.8%

NYSE PDS opened at $87.56 on Friday. Precision Drilling has a 52 week low of $36.20 and a 52 week high of $92.40. The firm has a 50 day moving average of $77.21 and a two-hundred day moving average of $65.05. The company has a quick ratio of 1.46, a current ratio of 1.62 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $1.13 billion, a PE ratio of -224.50 and a beta of 1.04.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings data on Wednesday, February 11th. The oil and gas company reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.26. The business had revenue of $349.37 million during the quarter, compared to analysts’ expectations of $489.80 million. Precision Drilling had a net margin of 0.05% and a return on equity of 4.12%. As a group, research analysts expect that Precision Drilling will post 7.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Precision Drilling

Institutional investors have recently modified their holdings of the business. Invesco Ltd. raised its position in Precision Drilling by 5.5% in the 4th quarter. Invesco Ltd. now owns 9,614 shares of the oil and gas company’s stock valued at $691,000 after purchasing an additional 502 shares during the last quarter. Vident Advisory LLC acquired a new position in Precision Drilling in the fourth quarter valued at $222,000. Mackenzie Financial Corp raised its holdings in shares of Precision Drilling by 45.9% in the fourth quarter. Mackenzie Financial Corp now owns 21,784 shares of the oil and gas company’s stock valued at $1,566,000 after buying an additional 6,854 shares during the last quarter. NewEdge Advisors LLC acquired a new stake in shares of Precision Drilling during the fourth quarter worth about $322,000. Finally, XTX Topco Ltd boosted its stake in shares of Precision Drilling by 55.1% during the fourth quarter. XTX Topco Ltd now owns 10,035 shares of the oil and gas company’s stock worth $721,000 after buying an additional 3,563 shares during the period. 48.86% of the stock is owned by institutional investors and hedge funds.

About Precision Drilling

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.