Precision Drilling (NYSE:PDS) Downgraded by StockNews.com to Hold

StockNews.com downgraded shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a buy rating to a hold rating in a report published on Friday morning.

Separately, Piper Sandler dropped their target price on shares of Precision Drilling from $100.00 to $81.00 and set an overweight rating for the company in a report on Tuesday, February 20th. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Precision Drilling presently has a consensus rating of Moderate Buy and an average price target of $115.17.

Precision Drilling Stock Up 5.2 %

Shares of NYSE PDS opened at $72.35 on Friday. The company has a 50 day simple moving average of $66.23 and a 200-day simple moving average of $60.64. The company has a market capitalization of $1.05 billion, a P/E ratio of 6.36 and a beta of 2.11. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.40 and a quick ratio of 1.30. Precision Drilling has a 1 year low of $41.56 and a 1 year high of $77.21.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings results on Thursday, April 25th. The oil and gas company reported $1.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.00 by ($0.12). Precision Drilling had a return on equity of 10.44% and a net margin of 12.00%. The firm had revenue of $391.51 million for the quarter, compared to analyst estimates of $399.44 million. On average, equities research analysts predict that Precision Drilling will post 6.41 earnings per share for the current year.

Hedge Funds Weigh In On Precision Drilling

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Swiss National Bank boosted its position in Precision Drilling by 0.7% in the 3rd quarter. Swiss National Bank now owns 30,000 shares of the oil and gas company’s stock valued at $2,027,000 after buying an additional 200 shares during the period. Signaturefd LLC boosted its position in Precision Drilling by 41.3% in the 3rd quarter. Signaturefd LLC now owns 921 shares of the oil and gas company’s stock valued at $62,000 after buying an additional 269 shares during the period. CIBC Asset Management Inc boosted its position in Precision Drilling by 2.7% in the 3rd quarter. CIBC Asset Management Inc now owns 12,165 shares of the oil and gas company’s stock valued at $818,000 after buying an additional 324 shares during the period. Scotia Capital Inc. boosted its position in Precision Drilling by 2.7% in the 4th quarter. Scotia Capital Inc. now owns 13,608 shares of the oil and gas company’s stock valued at $736,000 after buying an additional 355 shares during the period. Finally, Navellier & Associates Inc. boosted its position in Precision Drilling by 9.2% in the 3rd quarter. Navellier & Associates Inc. now owns 5,048 shares of the oil and gas company’s stock valued at $339,000 after buying an additional 424 shares during the period. Hedge funds and other institutional investors own 48.86% of the company’s stock.

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.