Precision Drilling (NYSE:PDS) Cut to Hold at Zacks Research

Zacks Research downgraded shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a strong-buy rating to a hold rating in a report published on Monday morning,Zacks.com reports.

A number of other brokerages have also recently commented on PDS. Royal Bank Of Canada raised their target price on Precision Drilling from $89.00 to $100.00 and gave the company an “outperform” rating in a report on Thursday, July 31st. Piper Sandler reissued an “overweight” rating and issued a $74.00 price objective (up previously from $72.00) on shares of Precision Drilling in a research note on Thursday, August 14th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $87.00.

Precision Drilling Stock Performance

NYSE:PDS opened at $57.99 on Monday. Precision Drilling has a fifty-two week low of $36.20 and a fifty-two week high of $67.46. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.90 and a current ratio of 1.01. The company has a 50 day moving average price of $54.72 and a 200 day moving average price of $48.42. The stock has a market capitalization of $764.31 million, a P/E ratio of 12.21 and a beta of 1.15.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings results on Tuesday, July 29th. The oil and gas company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.79. Precision Drilling had a return on equity of 6.21% and a net margin of 5.67%.The company had revenue of $299.14 million for the quarter, compared to analysts’ expectations of $435.47 million. Equities research analysts forecast that Precision Drilling will post 7.1 EPS for the current year.

Institutional Investors Weigh In On Precision Drilling

A number of institutional investors and hedge funds have recently bought and sold shares of PDS. Cubist Systematic Strategies LLC acquired a new stake in shares of Precision Drilling in the 1st quarter valued at about $45,000. Raymond James Financial Inc. acquired a new position in Precision Drilling in the 2nd quarter valued at $57,000. Deutsche Bank AG acquired a new stake in Precision Drilling in the fourth quarter valued at about $85,000. Signaturefd LLC increased its position in Precision Drilling by 52.4% during the 2nd quarter. Signaturefd LLC now owns 2,230 shares of the oil and gas company’s stock worth $105,000 after purchasing an additional 767 shares during the period. Finally, Aristides Capital LLC purchased a new position in shares of Precision Drilling during the 1st quarter worth approximately $252,000. 48.86% of the stock is owned by hedge funds and other institutional investors.

Precision Drilling Company Profile

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.