Raymond James Upgrades Precision Drilling (NYSE:PDS) to “Strong-Buy”

Precision Drilling (NYSE:PDSGet Rating) (TSE:PD) was upgraded by analysts at Raymond James from an “outperform” rating to a “strong-buy” rating in a research note issued to investors on Tuesday, The Fly reports.

Several other equities analysts have also commented on PDS. BMO Capital Markets increased their price objective on shares of Precision Drilling from C$65.00 to C$75.00 in a research report on Friday, February 11th. Canaccord Genuity Group raised their price target on shares of Precision Drilling from C$85.00 to C$105.00 and gave the stock a “hold” rating in a research report on Friday, April 22nd. TD Securities raised their price target on shares of Precision Drilling from C$125.00 to C$130.00 in a research report on Friday, April 29th. National Bank Financial raised their price target on shares of Precision Drilling from C$65.00 to C$80.00 in a research report on Friday, February 11th. Finally, Stifel Nicolaus raised their price target on shares of Precision Drilling from C$135.00 to C$142.00 in a research report on Friday, April 29th. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $97.75.

Shares of Precision Drilling stock opened at $68.26 on Tuesday. The firm has a market capitalization of $927.65 million, a P/E ratio of -6.14 and a beta of 2.50. The company has a quick ratio of 1.60, a current ratio of 1.71 and a debt-to-equity ratio of 0.98. The company has a 50 day moving average price of $70.02 and a 200 day moving average price of $51.94. Precision Drilling has a 52 week low of $27.79 and a 52 week high of $85.29.

Precision Drilling (NYSE:PDSGet Rating) (TSE:PD) last announced its quarterly earnings data on Thursday, April 28th. The oil and gas company reported ($2.57) EPS for the quarter, missing the consensus estimate of ($0.80) by ($1.77). The company had revenue of $351.00 million during the quarter, compared to analysts’ expectations of $329.17 million. Precision Drilling had a negative net margin of 16.91% and a negative return on equity of 14.98%. The business’s revenue for the quarter was up 48.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($2.13) earnings per share. As a group, research analysts anticipate that Precision Drilling will post -3.75 earnings per share for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the stock. Polar Asset Management Partners Inc. grew its stake in Precision Drilling by 4.8% in the 3rd quarter. Polar Asset Management Partners Inc. now owns 953,252 shares of the oil and gas company’s stock valued at $38,521,000 after acquiring an additional 43,602 shares during the period. PCJ Investment Counsel Ltd. grew its stake in Precision Drilling by 39.5% in the 4th quarter. PCJ Investment Counsel Ltd. now owns 274,930 shares of the oil and gas company’s stock valued at $9,721,000 after acquiring an additional 77,800 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in Precision Drilling by 48.3% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 139,040 shares of the oil and gas company’s stock valued at $5,615,000 after acquiring an additional 45,258 shares during the period. MD Financial Management Inc. grew its stake in Precision Drilling by 72,588.5% in the 3rd quarter. MD Financial Management Inc. now owns 101,037 shares of the oil and gas company’s stock valued at $4,083,000 after acquiring an additional 100,898 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in Precision Drilling by 38.4% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 340,130 shares of the oil and gas company’s stock valued at $13,733,000 after acquiring an additional 94,300 shares during the period. 43.04% of the stock is currently owned by hedge funds and other institutional investors.

About Precision Drilling (Get Rating)

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 in two segments, Contract Drilling Services; and Completion and Production Services.

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