Wall Street Zen Downgrades Precision Drilling (NYSE:PDS) to Hold

Precision Drilling (NYSE:PDS) (TSE:PD) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Sunday.

A number of other analysts have also issued reports on the stock. BMO Capital Markets restated an “outperform” rating on shares of Precision Drilling in a research note on Thursday, February 12th. ATB Cormark Capital Markets raised shares of Precision Drilling to a “strong-buy” rating in a research report on Thursday, October 30th. Royal Bank Of Canada restated an “outperform” rating and issued a $124.00 target price (up previously from $119.00) on shares of Precision Drilling in a research note on Friday, February 13th. Zacks Research upgraded Precision Drilling from a “strong sell” rating to a “hold” rating in a research note on Friday, January 30th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Precision Drilling in a report on Wednesday, January 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Precision Drilling has an average rating of “Moderate Buy” and a consensus price target of $114.50.

Precision Drilling Stock Down 1.4%

Shares of NYSE PDS opened at $88.21 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.46 and a current ratio of 1.62. Precision Drilling has a 1 year low of $36.20 and a 1 year high of $92.40. The stock’s 50-day simple moving average is $76.82 and its 200-day simple moving average is $64.74. The firm has a market cap of $1.14 billion, a price-to-earnings ratio of -226.17 and a beta of 1.04.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its quarterly earnings data on Wednesday, February 11th. The oil and gas company reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.26. Precision Drilling had a return on equity of 4.12% and a net margin of 0.05%.The firm had revenue of $349.37 million during the quarter, compared to analyst estimates of $489.80 million. As a group, equities analysts anticipate that Precision Drilling will post 7.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Precision Drilling

Several institutional investors and hedge funds have recently bought and sold shares of PDS. Cubist Systematic Strategies LLC bought a new position in Precision Drilling in the first quarter worth about $45,000. Quarry LP bought a new stake in shares of Precision Drilling in the 3rd quarter worth approximately $54,000. Raymond James Financial Inc. bought a new stake in shares of Precision Drilling in the 2nd quarter worth approximately $57,000. Wolverine Asset Management LLC boosted its position in Precision Drilling by 112.9% during the 4th quarter. Wolverine Asset Management LLC now owns 802 shares of the oil and gas company’s stock valued at $58,000 after purchasing an additional 7,000 shares during the period. Finally, US Bancorp DE grew its stake in Precision Drilling by 52.3% during the 3rd quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock worth $67,000 after buying an additional 408 shares during the last quarter. Institutional investors and hedge funds own 48.86% of the company’s stock.

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.