BMO Capital Markets Reiterates “$3.00” Price Target for Precision Drilling (NYSE:PDS)

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BMO Capital Markets set a $3.00 target price on Precision Drilling (NYSE:PDS) (TSE:PD) in a research report released on Tuesday morning, TipRanks reports. The firm currently has a buy rating on the oil and gas company’s stock.

Several other equities research analysts have also recently weighed in on the company. Zacks Investment Research cut Precision Drilling from a buy rating to a hold rating in a research note on Thursday, August 1st. AltaCorp Capital reaffirmed an outperform rating on shares of Precision Drilling in a research note on Thursday, June 20th. Canaccord Genuity reaffirmed a buy rating on shares of Precision Drilling in a research note on Friday, August 16th. TD Securities raised Precision Drilling to a buy rating in a research note on Wednesday, September 4th. Finally, Raymond James reaffirmed a buy rating on shares of Precision Drilling in a research note on Wednesday, June 5th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $2.56.

Shares of Precision Drilling stock traded up $0.01 during midday trading on Tuesday, reaching $1.37. 3,402 shares of the company’s stock traded hands, compared to its average volume of 1,276,363. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.70 and a current ratio of 1.83. The company has a market cap of $402.48 million, a PE ratio of -5.27 and a beta of 2.33. The stock has a 50 day moving average of $1.34 and a 200-day moving average of $1.98. Precision Drilling has a 12 month low of $1.03 and a 12 month high of $3.85.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its earnings results on Thursday, July 25th. The oil and gas company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.04. The company had revenue of $359.00 million during the quarter, compared to the consensus estimate of $346.66 million. Precision Drilling had a negative return on equity of 2.67% and a negative net margin of 13.63%. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.16) earnings per share. On average, equities analysts anticipate that Precision Drilling will post -0.11 earnings per share for the current fiscal year.

Several large investors have recently made changes to their positions in the company. Bank of Montreal Can lifted its holdings in Precision Drilling by 37.0% in the second quarter. Bank of Montreal Can now owns 4,062,356 shares of the oil and gas company’s stock valued at $7,678,000 after acquiring an additional 1,096,492 shares during the period. Wedge Capital Management L L P NC bought a new position in Precision Drilling in the second quarter valued at about $1,475,000. Foundation Resource Management Inc. lifted its holdings in Precision Drilling by 1.1% in the second quarter. Foundation Resource Management Inc. now owns 529,167 shares of the oil and gas company’s stock valued at $1,000,000 after acquiring an additional 5,985 shares during the period. Fort Washington Investment Advisors Inc. OH lifted its holdings in Precision Drilling by 20.6% in the first quarter. Fort Washington Investment Advisors Inc. OH now owns 321,020 shares of the oil and gas company’s stock valued at $762,000 after acquiring an additional 54,757 shares during the period. Finally, ARP Americas LP bought a new position in Precision Drilling in the second quarter valued at about $71,000. 37.53% of the stock is currently owned by hedge funds and other institutional investors.

About Precision Drilling

Precision Drilling Corporation, an oilfield services company, provides oil and natural gas drilling and related services and products. The company operates in two segments, Contract Drilling Services, and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry.

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Analyst Recommendations for Precision Drilling (NYSE:PDS)

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