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

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

Other analysts have also issued research reports about the stock. Wall Street Zen lowered shares of Precision Drilling from a “buy” rating to a “hold” rating in a research report on Sunday, October 26th. Piper Sandler boosted their price objective on shares of Precision Drilling from $74.00 to $79.00 and gave the company an “overweight” rating in a research note on Tuesday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Precision Drilling in a research note on Wednesday, October 8th. Royal Bank Of Canada boosted their price objective on shares of Precision Drilling from $110.00 to $117.00 and gave the company an “outperform” rating in a research note on Friday, October 24th. Finally, TD Securities reaffirmed a “hold” rating on shares of Precision Drilling in a research note on Thursday, October 23rd. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $98.00.

Precision Drilling Stock Performance

NYSE PDS opened at $59.99 on Wednesday. The company’s 50 day moving average is $57.15 and its 200-day moving average is $51.27. Precision Drilling has a 12-month low of $36.20 and a 12-month high of $67.35. The company has a quick ratio of 1.42, a current ratio of 1.58 and a debt-to-equity ratio of 0.41. The firm has a market cap of $790.30 million, a P/E ratio of 22.30 and a beta of 1.11.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings results on Wednesday, October 22nd. The oil and gas company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by ($1.57). Precision Drilling had a net margin of 3.17% and a return on equity of 3.44%. The business had revenue of $331.90 million during the quarter, compared to the consensus estimate of $471.38 million. Sell-side analysts predict that Precision Drilling will post 7.1 earnings per share for the current year.

Hedge Funds Weigh In On Precision Drilling

A number of hedge funds and other institutional investors have recently bought and sold shares of PDS. Sumitomo Mitsui Trust Group Inc. grew its stake in Precision Drilling by 31.7% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 11,163 shares of the oil and gas company’s stock worth $520,000 after buying an additional 2,686 shares in the last quarter. Quotient Wealth Partners LLC purchased a new position in Precision Drilling in the 1st quarter worth approximately $3,192,000. Greatmark Investment Partners Inc. grew its stake in Precision Drilling by 15.9% in the 1st quarter. Greatmark Investment Partners Inc. now owns 106,189 shares of the oil and gas company’s stock worth $4,951,000 after buying an additional 14,588 shares in the last quarter. MQS Management LLC purchased a new position in Precision Drilling in the 1st quarter worth approximately $420,000. Finally, Nikko Asset Management Americas Inc. grew its stake in Precision Drilling by 31.7% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 11,163 shares of the oil and gas company’s stock worth $520,000 after buying an additional 2,686 shares in the last quarter. Hedge funds and other institutional investors own 48.86% of the company’s stock.

About Precision Drilling

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.