Precision Drilling (NYSE:PDS) Given a $3.00 Price Target at BMO Capital Markets

BMO Capital Markets set a $3.00 price objective on Precision Drilling (NYSE:PDS) (TSE:PD) in a research note released on Tuesday, TipRanks reports. The firm currently has a buy rating on the oil and gas company’s stock.

PDS has been the subject of several other research reports. Morgan Stanley cut their price target on Precision Drilling from $3.50 to $3.00 and set an overweight rating for the company in a report on Friday, July 12th. Zacks Investment Research cut Precision Drilling from a buy rating to a hold rating in a report on Thursday, August 1st. AltaCorp Capital restated an outperform rating on shares of Precision Drilling in a report on Thursday, June 20th. Piper Jaffray Companies cut their price target on Precision Drilling from $2.50 to $2.00 and set an overweight rating for the company in a report on Tuesday, July 30th. Finally, Canaccord Genuity restated a buy rating on shares of Precision Drilling in a report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $2.56.

NYSE PDS traded up $0.01 during trading on Tuesday, hitting $1.37. 3,402 shares of the stock traded hands, compared to its average volume of 1,276,363. The company has a market capitalization of $402.48 million, a P/E ratio of -5.27 and a beta of 2.33. The firm has a 50-day simple moving average of $1.34 and a 200-day simple moving average of $1.98. The company has a quick ratio of 1.70, a current ratio of 1.83 and a debt-to-equity ratio of 1.01. Precision Drilling has a 12-month low of $1.03 and a 12-month high of $3.85.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings results on Thursday, July 25th. The oil and gas company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.04. The business had revenue of $359.00 million during the quarter, compared to analysts’ expectations of $346.66 million. Precision Drilling had a negative return on equity of 2.67% and a negative net margin of 13.63%. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.16) EPS. As a group, research analysts predict that Precision Drilling will post -0.11 EPS for the current fiscal year.

Several institutional investors have recently made changes to their positions in PDS. Foundation Resource Management Inc. lifted its stake in shares of Precision Drilling by 1.1% during the 2nd quarter. Foundation Resource Management Inc. now owns 529,167 shares of the oil and gas company’s stock worth $1,000,000 after acquiring an additional 5,985 shares during the last quarter. Swiss National Bank raised its position in Precision Drilling by 2.8% during the 2nd quarter. Swiss National Bank now owns 544,300 shares of the oil and gas company’s stock valued at $1,022,000 after purchasing an additional 14,700 shares in the last quarter. Marshall Wace LLP bought a new stake in Precision Drilling during the 1st quarter valued at $36,000. Investment House LLC bought a new stake in Precision Drilling during the 2nd quarter valued at $39,000. Finally, Bank of Nova Scotia raised its position in Precision Drilling by 39.5% during the 2nd quarter. Bank of Nova Scotia now owns 74,291 shares of the oil and gas company’s stock valued at $143,000 after purchasing an additional 21,030 shares in the last quarter. Hedge funds and other institutional investors own 37.53% of the company’s stock.

About Precision Drilling

Precision Drilling Corporation, an oilfield services company, 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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