Precision Drilling Corporation (PDS) Stock Rating Lowered by Zacks Investment Research
Precision Drilling Corporation (NYSE:PDS) (TSE:PD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.
According to Zacks, “Precision Drilling Corporation is an oilfield services company. The Company provides contract drilling, well servicing and strategic support services to the oil and gas industry in North America and internationally. It provides land drilling, directional drilling, turnkey drilling, camp and catering services, procures and distributes oilfield supplies. It also offers service rigs for well completion and workover services, snubbing services and wastewater treatment services, tubulars, well control equipment, wellsite accommodations. Precision Drilling Corporation is headquartered in Calgary, Canada. “
PDS has been the topic of a number of other reports. ValuEngine lowered shares of Precision Drilling Corporation from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. Cowen and Company reiterated a “buy” rating and set a $5.00 target price on shares of Precision Drilling Corporation in a research note on Tuesday, July 11th. Jefferies Group LLC set a $6.00 target price on Precision Drilling Corporation and gave the company a “buy” rating in a report on Tuesday, June 6th. Wolfe Research lowered Precision Drilling Corporation from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 6th. Finally, Raymond James Financial, Inc. upgraded Precision Drilling Corporation from an “outperform” rating to a “strong-buy” rating in a research note on Thursday, July 6th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $6.30.
Shares of Precision Drilling Corporation (NYSE:PDS) opened at 2.92 on Wednesday. Precision Drilling Corporation has a one year low of $2.38 and a one year high of $6.25. The stock’s 50 day moving average price is $2.78 and its 200 day moving average price is $3.46. The stock’s market cap is $856.26 million.
Precision Drilling Corporation (NYSE:PDS) (TSE:PD) last issued its earnings results on Monday, July 31st. The oil and gas company reported ($0.09) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.16) by $0.07. Precision Drilling Corporation had a negative net margin of 12.38% and a negative return on equity of 7.10%. The firm had revenue of $275.52 million for the quarter, compared to analysts’ expectations of $271.33 million. During the same quarter last year, the company earned ($0.20) earnings per share. The firm’s revenue was up 68.0% compared to the same quarter last year. Analysts forecast that Precision Drilling Corporation will post ($0.32) earnings per share for the current year.
Several institutional investors have recently made changes to their positions in PDS. Franklin Resources Inc. raised its position in Precision Drilling Corporation by 44.6% in the 2nd quarter. Franklin Resources Inc. now owns 44,803,597 shares of the oil and gas company’s stock valued at $153,112,000 after purchasing an additional 13,815,928 shares during the last quarter. FMR LLC boosted its stake in Precision Drilling Corporation by 22.1% during the 2nd quarter. FMR LLC now owns 16,603,054 shares of the oil and gas company’s stock worth $56,719,000 after purchasing an additional 3,007,124 shares during the period. Point72 Europe London LLP acquired a new stake in Precision Drilling Corporation during the 1st quarter worth $7,078,000. Highbridge Capital Management LLC acquired a new stake in Precision Drilling Corporation during the 1st quarter worth $3,066,000. Finally, Renaissance Technologies LLC grew its position in Precision Drilling Corporation by 162.4% during the 1st quarter. Renaissance Technologies LLC now owns 1,024,852 shares of the oil and gas company’s stock worth $4,840,000 after purchasing an additional 634,221 shares during the last quarter. 61.43% of the stock is currently owned by institutional investors and hedge funds.
Precision Drilling Corporation Company Profile
Precision Drilling Corporation (Precision) is an oilfield services company. The Company provides onshore drilling and completion and production services to exploration and production companies in the oil and natural gas industry. The Company operates through two segments: Contract Drilling Services, and Completion and Production Services.
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