Precision Drilling (NYSE:PDS) (TSE:PD) was upgraded by analysts at ValuEngine from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.
A number of other research firms have also recently commented on PDS. Credit Suisse Group reiterated a “neutral” rating and issued a $3.40 target price (up from $3.00) on shares of Precision Drilling in a research note on Tuesday, February 27th. Morgan Stanley lowered their target price on shares of Precision Drilling from $4.50 to $4.25 and set an “equal weight” rating for the company in a research note on Wednesday, April 11th. Finally, Piper Jaffray Companies set a $4.00 target price on shares of Precision Drilling and gave the stock a “buy” rating in a research note on Thursday, April 5th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. Precision Drilling has an average rating of “Hold” and a consensus target price of $4.33.
PDS stock opened at $3.41 on Friday. The company has a market capitalization of $1.06 billion, a P/E ratio of -12.18 and a beta of 1.87. The company has a quick ratio of 2.09, a current ratio of 2.21 and a debt-to-equity ratio of 0.99. Precision Drilling has a 52 week low of $2.26 and a 52 week high of $4.14.
Precision Drilling (NYSE:PDS) (TSE:PD) last released its earnings results on Thursday, April 26th. The oil and gas company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The company had revenue of $401.00 million during the quarter, compared to analyst estimates of $389.10 million. Precision Drilling had a negative return on equity of 5.51% and a negative net margin of 9.47%. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter last year, the business earned ($0.08) earnings per share. equities research analysts forecast that Precision Drilling will post -0.24 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in PDS. Letko Brosseau & Associates Inc. increased its holdings in shares of Precision Drilling by 5.1% during the 4th quarter. Letko Brosseau & Associates Inc. now owns 14,120,425 shares of the oil and gas company’s stock valued at $42,938,000 after purchasing an additional 680,600 shares in the last quarter. Mackenzie Financial Corp increased its holdings in shares of Precision Drilling by 12.6% during the 4th quarter. Mackenzie Financial Corp now owns 9,939,377 shares of the oil and gas company’s stock valued at $30,017,000 after purchasing an additional 1,113,700 shares in the last quarter. Royal Bank of Canada increased its holdings in shares of Precision Drilling by 36.7% during the 1st quarter. Royal Bank of Canada now owns 5,920,208 shares of the oil and gas company’s stock valued at $16,400,000 after purchasing an additional 1,589,507 shares in the last quarter. Ninepoint Partners LP increased its holdings in shares of Precision Drilling by 81.7% during the 1st quarter. Ninepoint Partners LP now owns 3,169,200 shares of the oil and gas company’s stock valued at $8,779,000 after purchasing an additional 1,425,000 shares in the last quarter. Finally, Mountain Lake Investment Management LLC increased its holdings in shares of Precision Drilling by 6.0% during the 1st quarter. Mountain Lake Investment Management LLC now owns 2,650,000 shares of the oil and gas company’s stock valued at $7,341,000 after purchasing an additional 150,000 shares in the last quarter. Institutional investors and hedge funds own 49.09% of the company’s stock.
About Precision Drilling
Precision Drilling Corporation 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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