Precision Drilling (NYSE:PDS) Shares Gap Down – Should You Sell?
by Danessa Lincoln · The Markets DailyPrecision Drilling Corporation (NYSE:PDS – Get Free Report) (TSE:PD) gapped down before the market opened on Monday . The stock had previously closed at $95.87, but opened at $90.33. Precision Drilling shares last traded at $91.3040, with a volume of 18,071 shares changing hands.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on PDS shares. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Precision Drilling in a research report on Friday, May 1st. TD Securities restated a “hold” rating on shares of Precision Drilling in a research report on Friday, May 1st. Wall Street Zen lowered Precision Drilling from a “buy” rating to a “hold” rating in a research report on Sunday, March 22nd. Loop Capital set a $122.00 price target on Precision Drilling in a research report on Monday, March 2nd. Finally, Royal Bank Of Canada raised their price target on Precision Drilling from $124.00 to $140.00 and gave the stock an “outperform” rating in a research report on Monday, March 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Precision Drilling currently has an average rating of “Moderate Buy” and an average price target of $122.33.
View Our Latest Analysis on PDS
Precision Drilling Trading Down 6.9%
The stock has a market capitalization of $1.15 billion, a P/E ratio of -94.80 and a beta of 0.76. The stock has a 50-day moving average price of $93.36 and a two-hundred day moving average price of $84.79. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.52 and a current ratio of 1.70.
Institutional Investors Weigh In On Precision Drilling
Hedge funds have recently made changes to their positions in the company. Wolverine Asset Management LLC boosted its position in shares of Precision Drilling by 112.9% during the fourth quarter. Wolverine Asset Management LLC now owns 802 shares of the oil and gas company’s stock valued at $58,000 after purchasing an additional 7,000 shares in the last quarter. Group One Trading LLC purchased a new stake in Precision Drilling during the first quarter valued at $81,000. Quarry LP purchased a new stake in Precision Drilling during the third quarter valued at $54,000. Cubist Systematic Strategies LLC purchased a new stake in Precision Drilling during the first quarter valued at $45,000. Finally, US Bancorp DE increased its position in Precision Drilling by 52.3% during the third quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock valued at $67,000 after acquiring an additional 408 shares during the last quarter. 48.86% of the stock is currently owned by institutional investors.
Precision Drilling Company Profile
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.