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

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

Several other research firms also recently commented on PDS. BMO Capital Markets reissued an “outperform” rating on shares of Precision Drilling in a research report on Thursday, February 12th. Loop Capital set a $122.00 price target on Precision Drilling in a research report on Monday, March 2nd. Piper Sandler reiterated an “overweight” rating and set a $105.00 price target (up from $81.00) on shares of Precision Drilling in a research note on Tuesday, February 17th. TD Securities reissued a “hold” rating on shares of Precision Drilling in a report on Thursday, February 12th. Finally, Weiss Ratings downgraded Precision Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research note on Thursday, March 12th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $117.00.

Precision Drilling Stock Performance

PDS stock opened at $98.76 on Friday. The firm has a 50 day moving average of $85.07 and a two-hundred day moving average of $69.68. Precision Drilling has a 12 month low of $36.20 and a 12 month high of $101.50. The company has a market capitalization of $1.28 billion, a price-to-earnings ratio of -253.23 and a beta of 1.01. The company has a quick ratio of 1.46, a current ratio of 1.62 and a debt-to-equity ratio of 0.43.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings results 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 net margin of 0.05% and a return on equity of 4.12%. The business had revenue of $349.37 million for the quarter, compared to the consensus estimate of $489.80 million. As a group, equities analysts anticipate that Precision Drilling will post 7.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Cubist Systematic Strategies LLC bought a new stake in Precision Drilling during the first quarter valued at about $45,000. Quarry LP bought a new position in shares of Precision Drilling in the third quarter worth about $54,000. Raymond James Financial Inc. bought a new position in shares of Precision Drilling in the second quarter worth about $57,000. Wolverine Asset Management LLC lifted its position in shares of 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 worth $58,000 after purchasing an additional 7,000 shares during the last quarter. Finally, US Bancorp DE lifted its position in shares of 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 purchasing 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.