Precision Drilling (NYSE:PDS) Cut to “Hold” at Wall Street Zen
by Michael Walen · The Markets DailyWall Street Zen cut shares of Precision Drilling (NYSE:PDS – Free Report) (TSE:PD) from a buy rating to a hold rating in a research report report published on Sunday.
Several other analysts have also recently commented on the company. TD Securities restated a “hold” rating on shares of Precision Drilling in a report on Thursday, February 12th. Weiss Ratings downgraded shares of Precision Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research report on Thursday, March 12th. Royal Bank Of Canada reissued an “outperform” rating and set a $124.00 price objective (up from $119.00) on shares of Precision Drilling in a report on Friday, February 13th. Loop Capital set a $122.00 price objective on shares of Precision Drilling in a research report on Monday, March 2nd. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $105.00 target price (up from $81.00) on shares of Precision Drilling in a research note on Tuesday, February 17th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $122.33.
Check Out Our Latest Analysis on PDS
Precision Drilling Stock Up 1.6%
Shares of PDS opened at $101.86 on Friday. The company has a market capitalization of $1.32 billion, a P/E ratio of -261.17 and a beta of 1.01. Precision Drilling has a one year low of $36.20 and a one year high of $103.43. The business’s 50 day simple moving average is $86.21 and its 200-day simple moving average is $70.38. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.62 and a quick ratio of 1.46.
Precision Drilling (NYSE:PDS – Get Free Report) (TSE:PD) last released its quarterly earnings results on Wednesday, February 11th. The oil and gas company reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.26. Precision Drilling had a return on equity of 4.12% and a net margin of 0.05%.The firm had revenue of $349.37 million during the quarter, compared to analysts’ expectations of $489.80 million. As a group, sell-side analysts predict that Precision Drilling will post 7.1 EPS for the current fiscal year.
Institutional Trading of Precision Drilling
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State of Wyoming raised its holdings in Precision Drilling by 4.0% during the 4th quarter. State of Wyoming now owns 4,490 shares of the oil and gas company’s stock worth $323,000 after purchasing an additional 173 shares during the last quarter. SIR Capital Management L.P. boosted its stake in shares of Precision Drilling by 0.4% in the 4th quarter. SIR Capital Management L.P. now owns 56,178 shares of the oil and gas company’s stock valued at $4,031,000 after purchasing an additional 200 shares during the last quarter. US Bancorp DE boosted its stake in shares of Precision Drilling by 52.3% in the 3rd 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 during the last quarter. Geode Capital Management LLC grew its position in shares of Precision Drilling by 5.3% during the 4th quarter. Geode Capital Management LLC now owns 8,853 shares of the oil and gas company’s stock worth $632,000 after buying an additional 445 shares during the period. Finally, Creative Planning grew its position in shares of Precision Drilling by 6.2% during the 3rd quarter. Creative Planning now owns 8,503 shares of the oil and gas company’s stock worth $479,000 after buying an additional 496 shares during the period. 48.86% of the stock is currently owned by institutional investors and hedge funds.
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.