Precision Drilling (NYSE:PDS) Stock Rating Lowered by Zacks Research

Precision Drilling (NYSE:PDS) (TSE:PD) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Wednesday,Zacks.com reports.

PDS has been the subject of several other reports. Wall Street Zen lowered shares of Precision Drilling from a “buy” rating to a “hold” rating in a report on Sunday, March 22nd. Royal Bank Of Canada increased their target price on Precision Drilling from $124.00 to $140.00 and gave the stock an “outperform” rating in a research report on Monday, March 23rd. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Precision Drilling in a research note on Friday, May 1st. TD Securities restated a “hold” rating on shares of Precision Drilling in a research report on Friday, May 1st. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of Precision Drilling in a research note on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Precision Drilling presently has an average rating of “Moderate Buy” and a consensus target price of $122.33.

Precision Drilling Trading Up 0.5%

NYSE:PDS opened at $75.62 on Wednesday. The company has a 50-day moving average price of $90.70 and a 200-day moving average price of $86.34. The stock has a market cap of $977.01 million, a price-to-earnings ratio of -80.45 and a beta of 0.76. The company has a current ratio of 1.70, a quick ratio of 1.52 and a debt-to-equity ratio of 0.41. Precision Drilling has a 12 month low of $48.59 and a 12 month high of $103.80.

Hedge Funds Weigh In On Precision Drilling

A number of hedge funds have recently bought and sold shares of PDS. Sumitomo Mitsui Trust Group Inc. lifted its position in Precision Drilling by 2.1% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 6,171 shares of the oil and gas company’s stock valued at $607,000 after purchasing an additional 128 shares during the period. Amova Asset Management Americas Inc. lifted its position in Precision Drilling by 2.1% during the first quarter. Amova Asset Management Americas Inc. now owns 6,171 shares of the oil and gas company’s stock valued at $606,000 after purchasing an additional 128 shares in the last quarter. State of Wyoming grew its holdings in Precision Drilling by 4.0% during the fourth quarter. State of Wyoming now owns 4,490 shares of the oil and gas company’s stock valued at $323,000 after purchasing an additional 173 shares during the period. SIR Capital Management L.P. grew its holdings in Precision Drilling by 0.4% during the fourth quarter. SIR Capital Management L.P. now owns 56,178 shares of the oil and gas company’s stock valued at $4,031,000 after purchasing an additional 200 shares during the period. Finally, Amundi increased its position in Precision Drilling by 6.9% in the first quarter. Amundi now owns 3,095 shares of the oil and gas company’s stock worth $305,000 after buying an additional 201 shares in the last quarter. Hedge funds and other institutional investors own 48.86% of the company’s stock.

Precision Drilling Company Profile

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.