Brokerages Set Precision Drilling Corporation (NYSE:PDS) PT at $122.33

Shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) have been given an average recommendation of “Moderate Buy” by the eight analysts that are presently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, one has given a hold recommendation, four have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $122.3333.

PDS has been the topic of several research analyst reports. Wall Street Zen lowered shares of Precision Drilling from a “buy” rating to a “hold” rating in a report on Sunday, August 9th. Weiss Ratings lowered shares of Precision Drilling from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, June 23rd. Finally, Zacks Research downgraded shares of Precision Drilling from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 1st.

Institutional Trading of Precision Drilling

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. TD Waterhouse Canada Inc. lifted its stake in Precision Drilling by 21.2% during the second quarter. TD Waterhouse Canada Inc. now owns 12,341 shares of the oil and gas company’s stock worth $929,000 after purchasing an additional 2,155 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Precision Drilling in the 2nd quarter valued at $557,000. Plato Investment Management Ltd acquired a new position in Precision Drilling during the 2nd quarter worth about $190,000. Bank of America Corp DE lifted its stake in 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 acquiring an additional 64,735 shares in the last quarter. Finally, Amundi grew its position in Precision Drilling by 6.9% in the 1st quarter. Amundi now owns 3,095 shares of the oil and gas company’s stock valued at $305,000 after acquiring an additional 201 shares in the last quarter. Hedge funds and other institutional investors own 48.86% of the company’s stock.

Precision Drilling Trading Up 1.7%

Shares of Precision Drilling stock opened at $91.69 on Friday. The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of -43.87 and a beta of 0.78. Precision Drilling has a fifty-two week low of $53.42 and a fifty-two week high of $103.80. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.29 and a current ratio of 1.46. The stock has a 50 day moving average of $81.83 and a 200 day moving average of $88.66.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its earnings results on Tuesday, July 28th. The oil and gas company reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.81). The business had revenue of $319.15 million during the quarter, compared to analysts’ expectations of $310.70 million. Precision Drilling had a negative net margin of 1.68% and a positive return on equity of 2.11%. As a group, research analysts predict that Precision Drilling will post 4.53 earnings per share for the current year.

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.