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

Precision Drilling (NYSE:PDS) (TSE:PD) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Monday, Zacks reports.

A number of other equities research analysts have also issued reports on PDS. Wall Street Zen lowered shares of Precision Drilling from a “buy” rating to a “hold” rating in a research note on Sunday, August 9th. Weiss Ratings restated a “sell (d+)” rating on shares of Precision Drilling in a research note on Friday, September 18th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $122.33.

Precision Drilling Stock Down 1.5%

Shares of NYSE:PDS opened at $79.18 on Monday. The company has a current ratio of 1.46, a quick ratio of 1.29 and a debt-to-equity ratio of 0.39. The company has a fifty day simple moving average of $84.94 and a 200 day simple moving average of $88.48. The firm has a market cap of $996.59 million, a PE ratio of -37.88 and a beta of 0.81. Precision Drilling has a 12-month low of $53.42 and a 12-month high of $103.80.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings data 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 company had revenue of $319.15 million for the quarter, compared to the consensus estimate of $310.70 million. Precision Drilling had a negative net margin of 1.68% and a positive return on equity of 2.11%. On average, equities research analysts anticipate that Precision Drilling will post 4.73 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Engineers Gate Manager LP raised its stake in shares of Precision Drilling by 70.8% during the second 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 in the last quarter. TD Waterhouse Canada Inc. grew its position in Precision Drilling by 21.2% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 12,341 shares of the oil and gas company’s stock valued at $929,000 after buying an additional 2,155 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in Precision Drilling during the 2nd quarter valued at about $557,000. Plato Investment Management Ltd acquired a new position in Precision Drilling during the 2nd quarter valued at about $190,000. Finally, Bank of America Corp DE raised its holdings in Precision Drilling by 129.5% during the first quarter. Bank of America Corp DE now owns 114,706 shares of the oil and gas company’s stock worth $11,287,000 after purchasing an additional 64,735 shares in the last quarter. Institutional investors and hedge funds own 48.86% of the company’s stock.

Precision Drilling Company Profile

Precision Drilling Corporation is a Canadian oilfield services company that provides contract drilling and well-servicing solutions to oil and natural gas exploration and production companies. The company is headquartered in Calgary, Alberta, and trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbol PDS.

Its primary business is contract drilling, including the provision of land-based drilling rigs, crews and related equipment used to construct oil and gas wells.