Precision Drilling Corp. (PDS) Stock Price Up 3.1%
Precision Drilling Corp. (NYSE:PDS) rose 3.1% on Wednesday . The stock traded as high as $3.73 and last traded at $3.69, with a volume of 849,106 shares changing hands. The stock had previously closed at $3.58.
Several research analysts have commented on PDS shares. Zacks Investment Research raised Precision Drilling Corp. from a “hold” rating to a “buy” rating and set a $5.50 target price on the stock in a report on Friday, July 15th. Jefferies Group lifted their target price on Precision Drilling Corp. from $3.00 to $4.00 and gave the stock an “underweight” rating in a report on Monday, July 11th. Credit Suisse Group AG downgraded Precision Drilling Corp. from a “neutral” rating to an “underperform” rating and set a $3.00 target price on the stock. in a report on Wednesday, June 1st. TD Securities reaffirmed a “buy” rating and set a $8.50 target price (down from $9.50) on shares of Precision Drilling Corp. in a report on Tuesday, July 26th. Finally, Scotiabank reaffirmed an “underperform” rating and set a $6.00 target price (up from $3.50) on shares of Precision Drilling Corp. in a report on Tuesday, July 19th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $5.47.
The company’s 50 day moving average price is $4.28 and its 200 day moving average price is $4.58. The stock’s market capitalization is $1.10 billion.
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Precision Drilling Corp. (NYSE:PDS) last released its earnings results on Thursday, July 21st. The company reported ($0.20) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.24) by $0.04. The business had revenue of $164 million for the quarter, compared to analysts’ expectations of $172.98 million. Precision Drilling Corp. had a negative return on equity of 5.54% and a negative net margin of 37.17%. The firm’s revenue was down 51.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.10) earnings per share. On average, equities research analysts anticipate that Precision Drilling Corp. will post ($0.47) earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Foundation Resource Management Inc. boosted its position in Precision Drilling Corp. by 1.2% in the second quarter. Foundation Resource Management Inc. now owns 581,060 shares of the company’s stock worth $3,080,000 after buying an additional 7,121 shares in the last quarter. Norges Bank bought a new position in shares of Precision Drilling Corp. during the fourth quarter worth about $12,324,000. Acadian Asset Management LLC bought a new position in shares of Precision Drilling Corp. during the second quarter worth about $4,017,000. BlackRock Institutional Trust Company N.A. bought a new position in shares of Precision Drilling Corp. during the first quarter worth about $140,000. Finally, Aperio Group LLC boosted its position in shares of Precision Drilling Corp. by 488.3% in the first quarter. Aperio Group LLC now owns 189,313 shares of the company’s stock worth $795,000 after buying an additional 157,133 shares during the period. 72.90% of the stock is currently owned by institutional investors and hedge funds.
About Precision Drilling Corp.
Precision Drilling Corporation (Precision) provides contract drilling, and completion and production services primarily to oil and natural gas exploration and production companies in Canada, the United States and certain international locations. It operates through two segments: Contract Drilling Services, and Completion and Production Services.
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