Credit Suisse Group Cuts Precision Drilling (PDS) Price Target to $3.00

Precision Drilling (NYSE:PDS) (TSE:PD) had its price objective lowered by Credit Suisse Group from $3.90 to $3.00 in a research note published on Monday. The brokerage currently has a hold rating on the oil and gas company’s stock.

A number of other research firms have also commented on PDS. TD Securities lowered Precision Drilling to a buy rating in a report on Wednesday, September 5th. Piper Jaffray Companies reaffirmed a buy rating and issued a $5.25 price target on shares of Precision Drilling in a report on Tuesday, July 31st. Jefferies Financial Group set a $5.00 price target on Precision Drilling and gave the stock a buy rating in a report on Monday, July 30th. Zacks Investment Research lowered Precision Drilling from a buy rating to a hold rating in a report on Tuesday, July 17th. Finally, Morgan Stanley raised Precision Drilling from an equal weight rating to an overweight rating and set a $4.25 price target for the company in a report on Thursday, July 12th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. Precision Drilling currently has an average rating of Hold and an average price target of $4.40.

NYSE PDS traded up $0.03 on Monday, hitting $2.72. 14,705 shares of the stock traded hands, compared to its average volume of 1,539,525. Precision Drilling has a 12 month low of $2.31 and a 12 month high of $4.14. The firm has a market cap of $719.76 million, a price-to-earnings ratio of -9.71 and a beta of 2.10. The company has a current ratio of 1.85, a quick ratio of 1.73 and a debt-to-equity ratio of 0.98.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings data on Thursday, October 25th. The oil and gas company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.02). Precision Drilling had a negative net margin of 9.77% and a negative return on equity of 6.59%. The firm had revenue of $292.65 million for the quarter, compared to the consensus estimate of $306.54 million. Analysts forecast that Precision Drilling will post -0.27 EPS for the current year.

Several institutional investors have recently bought and sold shares of PDS. JPMorgan Chase & Co. raised its position in shares of Precision Drilling by 1,439.4% in the first quarter. JPMorgan Chase & Co. now owns 159,621 shares of the oil and gas company’s stock worth $443,000 after buying an additional 149,252 shares in the last quarter. Millennium Management LLC purchased a new stake in shares of Precision Drilling in the first quarter worth $3,062,000. Acadian Asset Management LLC raised its position in shares of Precision Drilling by 140.9% in the second quarter. Acadian Asset Management LLC now owns 307,200 shares of the oil and gas company’s stock worth $1,016,000 after buying an additional 179,700 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its position in shares of Precision Drilling by 112.1% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 59,537 shares of the oil and gas company’s stock worth $197,000 after buying an additional 31,461 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Precision Drilling by 52.9% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,109,816 shares of the oil and gas company’s stock worth $6,977,000 after buying an additional 730,166 shares in the last quarter. 50.90% of the stock is owned by hedge funds and other institutional investors.

Precision Drilling Company Profile

Precision Drilling Corporation provides oil and natural gas drilling and related services and products. The company operates in two segments, Contract Drilling Services, and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry.

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Analyst Recommendations for Precision Drilling (NYSE:PDS)

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