Precision Drilling (NYSE:PDS) Stock Rating Lowered by Freedom Broker

Precision Drilling (NYSE:PDS) (TSE:PD) was downgraded by Freedom Broker from a “buy” rating to a “hold” rating in a research report issued on Friday, Benzinga reports. They currently have a $121.00 price objective on the oil and gas company’s stock, up from their previous price objective of $116.00. Freedom Broker‘s target price suggests a potential upside of 14.14% from the company’s current price.

Several other research analysts have also recently issued reports on the stock. BMO Capital Markets restated an “outperform” rating on shares of Precision Drilling in a report on Wednesday. Wall Street Zen raised shares of Precision Drilling from a “hold” rating to a “buy” rating in a research note on Saturday. National Bank Financial upgraded shares of Precision Drilling from a “sector perform” rating to an “outperform” rating in a research note on Monday, October 26th. TD Securities upgraded shares of Precision Drilling from a “hold” rating to a “buy” rating and upped their target price for the company from $116.00 to $150.00 in a research note on Tuesday, October 20th. Finally, Zacks Research upgraded shares of Precision Drilling from a “strong sell” rating to a “hold” rating in a research report on Monday, September 28th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Precision Drilling currently has an average rating of “Moderate Buy” and a consensus target price of $127.60.

Precision Drilling Price Performance

Shares of Precision Drilling stock opened at $106.01 on Friday. The firm has a market capitalization of $1.33 billion, a PE ratio of -196.31 and a beta of 0.95. The company has a current ratio of 1.48, a quick ratio of 1.32 and a debt-to-equity ratio of 0.39. Precision Drilling has a 12 month low of $56.10 and a 12 month high of $112.03. The business’s 50-day moving average price is $88.70 and its 200-day moving average price is $87.75.

Institutional Trading of Precision Drilling

Large investors have recently added to or reduced their stakes in the company. Hillsdale Investment Management Inc. raised its stake in Precision Drilling by 67.0% during the first quarter. Hillsdale Investment Management Inc. now owns 487,434 shares of the oil and gas company’s stock valued at $47,957,000 after purchasing an additional 195,598 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Precision Drilling by 24.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 373,936 shares of the oil and gas company’s stock worth $36,803,000 after purchasing an additional 73,084 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Precision Drilling by 37.0% during the first quarter. Dimensional Fund Advisors LP now owns 288,013 shares of the oil and gas company’s stock valued at $28,340,000 after acquiring an additional 77,775 shares in the last quarter. Bank of America Corp DE grew its position in shares of Precision Drilling by 129.5% during the 1st quarter. Bank of America Corp DE now owns 114,706 shares of the oil and gas company’s stock worth $11,287,000 after buying an additional 64,735 shares in the last quarter. Finally, Engineers Gate Manager LP increased its position in Precision Drilling by 70.8% during the 2nd quarter. Engineers Gate Manager LP now owns 31,802 shares of the oil and gas company’s stock valued at $2,438,000 after purchasing an additional 13,188 shares during the period. Institutional investors own 48.86% of the company’s stock.

Precision Drilling Company Profile

Precision Drilling Corporation is an oilfield services company headquartered in Calgary, Alberta. The company provides contract drilling and related services to oil and natural gas exploration and production companies, with operations serving customers primarily in Canada and the United States as well as selected international markets.

Its Contract Drilling Services segment operates land-based drilling rigs and provides associated equipment, personnel and technical expertise. Precision also offers directional drilling and other technologies designed to support the construction of complex horizontal and extended-reach wells.

Through its Completion and Production Services business, the company provides well servicing, snubbing, rental equipment, camp and catering services, and other support activities used during well completion, maintenance and production.