Wall Street Zen upgraded shares of Precision Drilling (NYSE:PDS – Free Report) (TSE:PD) from a hold rating to a buy rating in a research report sent to investors on Saturday morning.
PDS has been the topic of a number of other reports. BMO Capital Markets restated an “outperform” rating on shares of Precision Drilling in a research note on Thursday, April 30th. Zacks Research downgraded Precision Drilling from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 1st. Weiss Ratings downgraded Precision Drilling from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, June 23rd. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Precision Drilling in a research report on Friday, May 1st. Finally, TD Securities reaffirmed a “hold” rating on shares of Precision Drilling in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $122.33.
Check Out Our Latest Report on Precision Drilling
Precision Drilling Stock Performance
Hedge Funds Weigh In On Precision Drilling
A number of large investors have recently modified their holdings of the company. Cubist Systematic Strategies LLC purchased a new position in Precision Drilling in the first quarter valued at approximately $45,000. Quarry LP acquired a new stake in shares of Precision Drilling during the third quarter valued at about $54,000. Raymond James Financial Inc. purchased a new stake in Precision Drilling during the 2nd quarter worth approximately $57,000. Wolverine Asset Management LLC raised its holdings in Precision Drilling by 112.9% in the fourth quarter. Wolverine Asset Management LLC now owns 802 shares of the oil and gas company’s stock valued at $58,000 after acquiring an additional 7,000 shares in the last quarter. Finally, US Bancorp DE lifted its position in shares of Precision Drilling by 52.3% during the third quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock worth $67,000 after purchasing an additional 408 shares during the last quarter. 48.86% of the stock is currently owned by hedge funds and other institutional investors.
About Precision Drilling
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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