Precision Drilling (NYSE:PDS) Upgraded by CIBC to Buy

CIBC upgraded shares of Precision Drilling (NYSE:PDS – Get Rating) (TSE:PD) from a neutral rating to a buy rating in a report released on Tuesday morning, The Fly reports. They currently have $150.00 price objective on the oil and gas company’s stock.

PDS has been the subject of several other research reports. TD Securities lifted their target price on shares of Precision Drilling from C$135.00 to C$145.00 in a research note on Friday, October 28th. StockNews.com raised shares of Precision Drilling from a hold rating to a buy rating in a research note on Sunday, October 30th. TheStreet raised shares of Precision Drilling from a d+ rating to a c- rating in a research note on Friday, October 28th. Raymond James reduced their price objective on shares of Precision Drilling from C$130.00 to C$115.00 in a research note on Wednesday, September 28th. Finally, Stifel Nicolaus boosted their price objective on shares of Precision Drilling from C$140.00 to C$165.00 in a research note on Friday, October 28th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Buy and an average price target of $130.00.

Precision Drilling Price Performance

PDS opened at $81.89 on Tuesday. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of -20.17 and a beta of 2.44. The company has a quick ratio of 1.36, a current ratio of 1.45 and a debt-to-equity ratio of 1.01. The firm has a 50-day moving average price of $77.59 and a 200-day moving average price of $67.34. Precision Drilling has a twelve month low of $37.23 and a twelve month high of $87.36.

Precision Drilling (NYSE:PDS – Get Rating) (TSE:PD) last posted its earnings results on Thursday, October 27th. The oil and gas company reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.52. The firm had revenue of $329.14 million during the quarter, compared to the consensus estimate of $308.44 million. Precision Drilling had a negative net margin of 4.75% and a negative return on equity of 5.50%. Equities analysts expect that Precision Drilling will post -0.62 EPS for the current year.

Institutional Investors Weigh In On Precision Drilling

Several hedge funds have recently bought and sold shares of PDS. Bank of Montreal Can lifted its position in Precision Drilling by 115.6% during the third quarter. Bank of Montreal Can now owns 335,440 shares of the oil and gas company’s stock valued at $19,046,000 after purchasing an additional 179,865 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp bought a new stake in shares of Precision Drilling in the 1st quarter worth approximately $3,499,000. Jane Street Group LLC lifted its holdings in shares of Precision Drilling by 407.8% in the 2nd quarter. Jane Street Group LLC now owns 43,939 shares of the oil and gas company’s stock worth $2,813,000 after acquiring an additional 35,287 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Precision Drilling by 89.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 72,662 shares of the oil and gas company’s stock worth $5,371,000 after acquiring an additional 34,404 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of Precision Drilling by 116.9% in the 1st quarter. Renaissance Technologies LLC now owns 62,895 shares of the oil and gas company’s stock worth $4,662,000 after acquiring an additional 33,900 shares during the last quarter. 45.22% of the stock is currently owned by institutional investors.

About Precision Drilling

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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.