Precision Drilling (NYSE:PDS) Cut to Hold at Wall Street Zen

Precision Drilling (NYSE:PDS) (TSE:PD) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Sunday.

Several other analysts also recently issued reports on the stock. Loop Capital set a $122.00 target price on shares of Precision Drilling in a research note on Monday, March 2nd. Zacks Research raised Precision Drilling from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th. Weiss Ratings downgraded Precision Drilling from a “hold (c)” rating to a “sell (d+)” rating in a report on Thursday, March 12th. Piper Sandler reissued an “overweight” rating and set a $105.00 price target (up from $81.00) on shares of Precision Drilling in a research report on Tuesday, February 17th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $124.00 price objective (up from $119.00) on shares of Precision Drilling in a research note on Friday, February 13th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $117.00.

Precision Drilling Price Performance

Shares of PDS opened at $98.76 on Friday. The business’s 50-day moving average is $85.07 and its two-hundred day moving average is $69.68. The company has a market capitalization of $1.28 billion, a P/E ratio of -253.23 and a beta of 1.01. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.46 and a current ratio of 1.62. Precision Drilling has a fifty-two week low of $36.20 and a fifty-two week high of $101.50.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings results on Wednesday, February 11th. The oil and gas company reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.26. The business had revenue of $349.37 million for the quarter, compared to analyst estimates of $489.80 million. Precision Drilling had a net margin of 0.05% and a return on equity of 4.12%. Research analysts predict that Precision Drilling will post 7.1 earnings per share for the current year.

Institutional Investors Weigh In On Precision Drilling

A number of institutional investors have recently modified their holdings of the stock. Wolverine Asset Management LLC increased its stake in shares of Precision Drilling by 112.9% in the fourth quarter. Wolverine Asset Management LLC now owns 802 shares of the oil and gas company’s stock worth $58,000 after acquiring an additional 7,000 shares during the last quarter. Quarry LP acquired a new stake in Precision Drilling during the third quarter valued at $54,000. Cubist Systematic Strategies LLC purchased a new position in Precision Drilling in the first quarter valued at about $45,000. US Bancorp DE grew its stake in Precision Drilling by 52.3% in the third quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock valued at $67,000 after purchasing an additional 408 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Precision Drilling in the 2nd quarter worth about $57,000. Institutional investors and hedge funds own 48.86% of the company’s stock.

About Precision Drilling

Precision Drilling Corporation (NYSE: PDS) is a Calgary, Alberta–based oilfield services company that has provided drilling solutions since its founding in 1951. With more than seven decades of industry experience, the company delivers contract drilling services, directional and horizontal drilling, well servicing, and a suite of specialized equipment designed to meet the evolving needs of exploration and production companies worldwide.

The company’s core business activities include operating a fleet of onshore drilling rigs, offering managed pressure drilling, measurement-while-drilling (MWD) and logging-while-drilling (LWD) services, and providing completion and workover rigs.