Precision Drilling Corporation (NYSE:PDS – Get Free Report) (TSE:PD) shares gapped up before the market opened on Thursday . The stock had previously closed at $89.94, but opened at $92.35. Precision Drilling shares last traded at $88.9510, with a volume of 6,625 shares trading hands.
Wall Street Analyst Weigh In
PDS has been the subject of a number of research analyst reports. Zacks Research downgraded shares of Precision Drilling from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 1st. Weiss Ratings cut shares of Precision Drilling from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, June 23rd. Finally, Wall Street Zen downgraded shares of Precision Drilling from a “buy” rating to a “hold” rating in a research note on Sunday, August 9th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $122.33.
View Our Latest Stock Report on PDS
Precision Drilling Trading Up 0.6%
Precision Drilling (NYSE:PDS – Get Free Report) (TSE:PD) last released 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 firm had revenue of $319.15 million during the quarter, compared to analyst estimates of $310.70 million. Precision Drilling had a positive return on equity of 2.11% and a negative net margin of 1.68%. On average, equities research analysts predict that Precision Drilling Corporation will post 4.62 EPS for the current year.
Institutional Inflows and Outflows
Several hedge funds have recently modified their holdings of PDS. FIL Ltd raised its holdings in shares of Precision Drilling by 27,294.7% during the 4th quarter. FIL Ltd now owns 850,331 shares of the oil and gas company’s stock valued at $61,017,000 after purchasing an additional 847,227 shares in the last quarter. National Bank of Canada FI increased its position in Precision Drilling by 0.6% during the third quarter. National Bank of Canada FI now owns 735,460 shares of the oil and gas company’s stock worth $41,265,000 after buying an additional 4,236 shares during the last quarter. Aegis Financial Corp increased its position in Precision Drilling by 11.4% during the fourth quarter. Aegis Financial Corp now owns 504,059 shares of the oil and gas company’s stock worth $36,221,000 after buying an additional 51,700 shares during the last quarter. Hillsdale Investment Management Inc. raised its holdings in Precision Drilling by 67.0% during the first quarter. Hillsdale Investment Management Inc. now owns 487,434 shares of the oil and gas company’s stock valued at $47,957,000 after buying an additional 195,598 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in Precision Drilling by 24.9% during the third quarter. Arrowstreet Capital Limited Partnership now owns 483,937 shares of the oil and gas company’s stock valued at $27,262,000 after buying an additional 96,339 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 (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.
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