Precision Drilling (NYSE:PDS) Upgraded at Zacks Research

Zacks Research upgraded shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a strong sell rating to a hold rating in a research report released on Thursday,Zacks.com reports.

Other analysts also recently issued reports about the company. Wall Street Zen downgraded Precision Drilling from a “buy” rating to a “hold” rating in a report on Sunday, October 26th. Royal Bank Of Canada lifted their price target on Precision Drilling from $110.00 to $117.00 and gave the stock an “outperform” rating in a research report on Friday, October 24th. Piper Sandler increased their price objective on Precision Drilling from $74.00 to $79.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. Atb Cap Markets upgraded shares of Precision Drilling to a “strong-buy” rating in a research report on Thursday, October 30th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Precision Drilling in a research report on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $98.00.

Precision Drilling Trading Up 2.9%

NYSE PDS opened at $61.90 on Thursday. The firm’s fifty day moving average price is $57.67 and its 200 day moving average price is $53.57. Precision Drilling has a 12 month low of $36.20 and a 12 month high of $67.35. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.58 and a quick ratio of 1.42. The company has a market capitalization of $811.39 million, a price-to-earnings ratio of 23.01 and a beta of 1.15.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings results on Wednesday, October 22nd. The oil and gas company reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of $1.20 by ($1.57). Precision Drilling had a net margin of 3.17% and a return on equity of 3.44%. The company had revenue of $331.90 million during the quarter, compared to analysts’ expectations of $471.38 million. On average, sell-side analysts expect that Precision Drilling will post 7.1 earnings per share for the current fiscal 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. Quarry LP acquired a new position in Precision Drilling in the 3rd quarter valued at $54,000. Cubist Systematic Strategies LLC acquired a new position in shares of Precision Drilling during the first quarter worth about $45,000. US Bancorp DE increased its stake in shares of Precision Drilling by 52.3% during the third quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock worth $67,000 after acquiring an additional 408 shares during the period. Raymond James Financial Inc. purchased a new position in Precision Drilling during the second quarter worth about $57,000. Finally, Signaturefd LLC lifted its position in Precision Drilling by 52.4% in the second quarter. Signaturefd LLC now owns 2,230 shares of the oil and gas company’s stock valued at $105,000 after purchasing an additional 767 shares during the period. 48.86% of the stock is currently 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.