Precision Drilling (NYSE:PDS) Cut to “Hold” at StockNews.com

Precision Drilling (NYSE:PDS) (TSE:PD) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.

Separately, Piper Sandler decreased their price objective on Precision Drilling from $100.00 to $81.00 and set an “overweight” rating for the company in a report on Tuesday, February 20th. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $115.17.

Precision Drilling Stock Up 5.2 %

Shares of PDS traded up $3.57 during midday trading on Friday, hitting $72.35. 168,959 shares of the company’s stock traded hands, compared to its average volume of 86,633. Precision Drilling has a 1 year low of $41.56 and a 1 year high of $77.21. The firm’s fifty day moving average is $66.23 and its 200-day moving average is $60.64. The company has a current ratio of 1.40, a quick ratio of 1.30 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of 5.31 and a beta of 2.11.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its quarterly earnings data on Thursday, April 25th. The oil and gas company reported $1.88 EPS for the quarter, missing the consensus estimate of $2.00 by ($0.12). Precision Drilling had a net margin of 14.87% and a return on equity of 14.81%. The business had revenue of $391.51 million for the quarter, compared to analysts’ expectations of $399.44 million. As a group, sell-side analysts anticipate that Precision Drilling will post 6.41 earnings per share for the current year.

Hedge Funds Weigh In On Precision Drilling

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Signaturefd LLC raised its stake in shares of Precision Drilling by 41.3% during the 3rd quarter. Signaturefd LLC now owns 921 shares of the oil and gas company’s stock valued at $62,000 after buying an additional 269 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Precision Drilling during the 4th quarter valued at about $88,000. Barometer Capital Management Inc. purchased a new position in shares of Precision Drilling during the 3rd quarter valued at about $148,000. Alberta Investment Management Corp acquired a new stake in shares of Precision Drilling during the 4th quarter valued at about $229,000. Finally, Quantbot Technologies LP acquired a new stake in shares of Precision Drilling during the 3rd quarter valued at about $243,000. Hedge funds and other institutional investors own 48.86% of the company’s stock.

Precision Drilling Company Profile

Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates through Contract Drilling Services and Completion and Production Services segments.