Precision Drilling (NYSE:PDS) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a hold rating to a buy rating in a research report sent to investors on Thursday, Zacks.com reports. Zacks Investment Research currently has $1.25 price target on the oil and gas company’s stock.

According to Zacks, “Precision Drilling Corporation is an oilfield services company. The Company provides contract drilling, well servicing and strategic support services to the oil and gas industry in North America and internationally. It provides land drilling, directional drilling, turnkey drilling, camp and catering services, procures and distributes oilfield supplies. It also offers service rigs for well completion and workover services, snubbing services and wastewater treatment services, tubulars, well control equipment, wellsite accommodations. Precision Drilling Corporation is headquartered in Calgary, Canada. “

PDS has been the topic of a number of other research reports. Piper Jaffray Companies reduced their price objective on Precision Drilling from $2.50 to $2.00 and set an overweight rating on the stock in a research note on Tuesday, July 30th. AltaCorp Capital reaffirmed an outperform rating on shares of Precision Drilling in a research note on Thursday, June 20th. Citigroup downgraded Precision Drilling from a buy rating to a neutral rating in a research note on Monday, September 30th. Canaccord Genuity reaffirmed a buy rating on shares of Precision Drilling in a research note on Friday, August 16th. Finally, ValuEngine raised Precision Drilling from a sell rating to a hold rating in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $2.31.

NYSE:PDS traded up $0.03 during trading hours on Thursday, reaching $1.08. The stock had a trading volume of 583,600 shares, compared to its average volume of 1,120,964. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.70 and a current ratio of 1.83. Precision Drilling has a 52 week low of $1.00 and a 52 week high of $3.12. The company has a 50 day moving average price of $1.24 and a two-hundred day moving average price of $1.81. The stock has a market capitalization of $302.59 million, a PE ratio of -4.12 and a beta of 2.30.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings data on Thursday, July 25th. The oil and gas company reported ($0.04) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.08) by $0.04. Precision Drilling had a negative return on equity of 2.67% and a negative net margin of 13.63%. The business had revenue of $359.00 million for the quarter, compared to the consensus estimate of $346.66 million. During the same quarter in the previous year, the company posted ($0.16) EPS. The company’s revenue was up 8.6% compared to the same quarter last year. Equities research analysts predict that Precision Drilling will post -0.13 EPS for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in Precision Drilling by 5.9% during the 2nd quarter. Vanguard Group Inc. now owns 8,014,541 shares of the oil and gas company’s stock valued at $15,148,000 after acquiring an additional 449,089 shares during the period. Royal Bank of Canada raised its position in shares of Precision Drilling by 5.7% in the 2nd quarter. Royal Bank of Canada now owns 6,578,697 shares of the oil and gas company’s stock worth $12,433,000 after acquiring an additional 353,894 shares in the last quarter. Bank of Montreal Can raised its position in shares of Precision Drilling by 37.0% in the 2nd quarter. Bank of Montreal Can now owns 4,062,356 shares of the oil and gas company’s stock worth $7,678,000 after acquiring an additional 1,096,492 shares in the last quarter. Canada Pension Plan Investment Board raised its position in shares of Precision Drilling by 81.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,148,694 shares of the oil and gas company’s stock worth $2,162,000 after acquiring an additional 516,500 shares in the last quarter. Finally, Citadel Advisors LLC raised its position in shares of Precision Drilling by 188.8% in the 2nd quarter. Citadel Advisors LLC now owns 997,457 shares of the oil and gas company’s stock worth $1,881,000 after acquiring an additional 652,092 shares in the last quarter. Institutional investors own 37.47% 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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