Precision Drilling (NYSE:PDS) Stock Rating Lowered by StockNews.com

Precision Drilling (NYSE:PDS) (TSE:PD) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Friday.

Separately, Piper Sandler dropped their target price on shares of Precision Drilling from $100.00 to $81.00 and set an “overweight” rating for the company in a research report on Tuesday, February 20th. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Precision Drilling currently has an average rating of “Moderate Buy” and a consensus price target of $115.17.

Precision Drilling Stock Performance

PDS opened at $72.30 on Friday. The firm has a market cap of $1.05 billion, a P/E ratio of 6.35 and a beta of 2.11. Precision Drilling has a 1-year low of $41.56 and a 1-year high of $77.21. The company has a 50 day simple moving average of $66.23 and a two-hundred day simple moving average of $60.63. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.40 and a quick ratio of 1.30.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its earnings results on Thursday, April 25th. The oil and gas company reported $1.88 earnings per share for the quarter, missing analysts’ consensus estimates of $2.00 by ($0.12). Precision Drilling had a return on equity of 10.44% and a net margin of 12.00%. The company had revenue of $391.51 million for the quarter, compared to the consensus estimate of $399.44 million. Equities analysts forecast that Precision Drilling will post 6.41 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Precision Drilling

Several institutional investors have recently bought and sold shares of PDS. Ninepoint Partners LP bought a new position in Precision Drilling during the fourth quarter valued at $74,649,000. Acadian Asset Management LLC lifted its position in Precision Drilling by 95.0% during the third quarter. Acadian Asset Management LLC now owns 466,048 shares of the oil and gas company’s stock valued at $31,344,000 after purchasing an additional 227,077 shares during the last quarter. American Century Companies Inc. lifted its position in Precision Drilling by 1,501.2% during the third quarter. American Century Companies Inc. now owns 223,116 shares of the oil and gas company’s stock valued at $14,950,000 after purchasing an additional 209,182 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Precision Drilling by 172.3% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 188,400 shares of the oil and gas company’s stock valued at $12,623,000 after acquiring an additional 119,200 shares during the period. Finally, Wellington Management Group LLP purchased a new stake in shares of Precision Drilling in the third quarter valued at $4,638,000. Institutional investors own 48.86% of the company’s stock.

About Precision Drilling

Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates through Contract Drilling Services and Completion and Production Services segments.