Precision Drilling (NYSE:PDS) Upgraded to “Peer Perform” by Wolfe Research


Share on StockTwits

Wolfe Research upgraded shares of Precision Drilling (NYSE:PDS) (TSE:PD) from an underperform rating to a peer perform rating in a report issued on Monday morning, The Fly reports.

Several other brokerages also recently commented on PDS. Atb Cap Markets upgraded shares of Precision Drilling from a sector perform rating to an outperform rating in a report on Wednesday, October 7th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell reiterated a neutral rating on shares of Precision Drilling in a report on Tuesday, December 15th. TD Securities upped their target price on shares of Precision Drilling from $30.00 to $32.00 and gave the stock a buy rating in a research note on Friday, October 23rd. BMO Capital Markets upped their target price on shares of Precision Drilling from $25.00 to $30.00 and gave the stock an outperform rating in a research note on Wednesday, January 6th. Finally, Piper Sandler upped their target price on shares of Precision Drilling from $12.00 to $18.00 and gave the stock a neutral rating in a research note on Wednesday, January 6th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of Hold and an average target price of $22.25.

Shares of NYSE PDS opened at $24.20 on Monday. The firm’s 50-day moving average price is $19.37 and its 200-day moving average price is $15.32. The company has a current ratio of 2.46, a quick ratio of 2.27 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $330.86 million, a price-to-earnings ratio of -161.32 and a beta of 3.16. Precision Drilling has a 12-month low of $5.44 and a 12-month high of $31.20.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its quarterly earnings results on Thursday, October 22nd. The oil and gas company reported ($1.60) EPS for the quarter, beating the consensus estimate of ($3.00) by $1.40. The company had revenue of $123.71 million for the quarter, compared to the consensus estimate of $126.33 million. Precision Drilling had a negative net margin of 4.33% and a negative return on equity of 2.26%. On average, equities analysts predict that Precision Drilling will post -0.41 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC increased its stake in shares of Precision Drilling by 23.1% in the third quarter. Cubist Systematic Strategies LLC now owns 127,180 shares of the oil and gas company’s stock worth $79,000 after acquiring an additional 23,851 shares during the period. Squarepoint Ops LLC acquired a new stake in shares of Precision Drilling in the third quarter worth $34,000. Scion Asset Management LLC increased its stake in shares of Precision Drilling by 11.8% in the third quarter. Scion Asset Management LLC now owns 4,500,000 shares of the oil and gas company’s stock worth $2,880,000 after acquiring an additional 475,907 shares during the period. Morgan Stanley increased its stake in shares of Precision Drilling by 12.7% in the third quarter. Morgan Stanley now owns 453,925 shares of the oil and gas company’s stock worth $290,000 after acquiring an additional 51,014 shares during the period. Finally, Great West Life Assurance Co. Can grew its position in Precision Drilling by 3,062.2% during the third quarter. Great West Life Assurance Co. Can now owns 110,929 shares of the oil and gas company’s stock valued at $2,728,000 after buying an additional 107,421 shares during the period. Hedge funds and other institutional investors own 28.18% of the company’s stock.

Precision Drilling Company Profile

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.

See Also: Equal Weight Rating

The Fly

Analyst Recommendations for Precision Drilling (NYSE:PDS)

Receive News & Ratings for Precision Drilling Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Precision Drilling and related companies with MarketBeat.com's FREE daily email newsletter.