Precision Drilling (NYSE:PDS – Get Free Report) (TSE:PD) was downgraded by stock analysts at Freedom Broker from a “buy” rating to a “hold” rating in a research note issued to investors on Friday, Benzinga reports. They presently have a $121.00 price objective on the oil and gas company’s stock, up from their prior price objective of $116.00. Freedom Broker‘s price objective suggests a potential upside of 14.14% from the stock’s previous close.
Other equities analysts have also recently issued research reports about the stock. Wall Street Zen upgraded shares of Precision Drilling from a “hold” rating to a “buy” rating in a research note on Saturday. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Precision Drilling in a report on Friday, September 18th. BMO Capital Markets reissued an “outperform” rating on shares of Precision Drilling in a report on Wednesday. National Bank Financial upgraded shares of Precision Drilling from a “sector perform” rating to an “outperform” rating in a report on Monday, October 26th. Finally, TD Securities raised shares of Precision Drilling from a “hold” rating to a “buy” rating and lifted their target price for the stock from $116.00 to $150.00 in a research report on Tuesday, October 20th. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $127.60.
View Our Latest Analysis on PDS
Precision Drilling Stock Up 0.2%
Precision Drilling stock opened at $106.01 on Friday. Precision Drilling has a 12 month low of $56.10 and a 12 month high of $112.03. The stock has a fifty day simple moving average of $88.70 and a two-hundred day simple moving average of $87.75. The company has a current ratio of 1.48, a quick ratio of 1.32 and a debt-to-equity ratio of 0.39. The firm has a market cap of $1.33 billion, a price-to-earnings ratio of -196.31 and a beta of 0.95.
Hedge Funds Weigh In On Precision Drilling
Several institutional investors have recently made changes to their positions in the business. Bank of America Corp DE raised its position in Precision Drilling by 129.5% in 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 acquiring an additional 64,735 shares during the period. Lazard Asset Management LLC raised its stake in shares of Precision Drilling by 540.1% in the first quarter. Lazard Asset Management LLC now owns 25,392 shares of the oil and gas company’s stock worth $2,499,000 after buying an additional 21,425 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Precision Drilling by 37.0% in the first quarter. Dimensional Fund Advisors LP now owns 288,013 shares of the oil and gas company’s stock worth $28,340,000 after buying an additional 77,775 shares during the period. Hillsdale Investment Management Inc. lifted its position in shares of Precision Drilling by 67.0% during the 1st 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, Janney Montgomery Scott LLC purchased a new position in shares of Precision Drilling during the 1st quarter valued at about $823,000. Institutional investors own 48.86% of the company’s stock.
About Precision Drilling
Precision Drilling Corporation is an oilfield services company headquartered in Calgary, Alberta. The company provides contract drilling and related services to oil and natural gas exploration and production companies, with operations serving customers primarily in Canada and the United States as well as selected international markets.
Its Contract Drilling Services segment operates land-based drilling rigs and provides associated equipment, personnel and technical expertise. Precision also offers directional drilling and other technologies designed to support the construction of complex horizontal and extended-reach wells.
Through its Completion and Production Services business, the company provides well servicing, snubbing, rental equipment, camp and catering services, and other support activities used during well completion, maintenance and production.
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