Precision Drilling (PDS) Hits New 1-Year Low at $2.17

Precision Drilling Corp (NYSE:PDS) (TSE:PD) shares hit a new 52-week low on Wednesday . The company traded as low as $2.17 and last traded at $2.17, with a volume of 1056387 shares changing hands. The stock had previously closed at $2.33.

PDS has been the topic of a number of research analyst reports. GMP Securities reiterated a “buy” rating on shares of Precision Drilling in a report on Monday. Raymond James reiterated a “buy” rating on shares of Precision Drilling in a report on Tuesday, October 30th. Piper Jaffray Companies set a $6.00 target price on Precision Drilling and gave the company a “buy” rating in a report on Wednesday, October 3rd. TD Securities cut Precision Drilling to a “buy” rating in a report on Wednesday, September 5th. Finally, Canaccord Genuity reiterated a “buy” rating on shares of Precision Drilling in a report on Sunday, November 25th. Two analysts have rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $4.40.

The company has a debt-to-equity ratio of 0.98, a current ratio of 1.85 and a quick ratio of 1.73. The stock has a market cap of $675.70 million, a P/E ratio of -7.75 and a beta of 2.15.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings data on Thursday, October 25th. The oil and gas company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.02). Precision Drilling had a negative net margin of 9.77% and a negative return on equity of 6.59%. The company had revenue of $292.65 million during the quarter, compared to analysts’ expectations of $306.54 million. On average, analysts anticipate that Precision Drilling Corp will post -0.29 EPS for the current fiscal year.

Large investors have recently added to or reduced their stakes in the business. Cumberland Partners Ltd purchased a new position in Precision Drilling in the second quarter valued at about $1,270,000. Prescott Group Capital Management L.L.C. purchased a new position in Precision Drilling in the second quarter valued at about $202,000. CIBC Asset Management Inc raised its position in Precision Drilling by 15.9% in the third quarter. CIBC Asset Management Inc now owns 1,018,819 shares of the oil and gas company’s stock valued at $3,515,000 after purchasing an additional 139,807 shares during the period. Lonestar Capital Management LLC raised its position in Precision Drilling by 6.3% in the second quarter. Lonestar Capital Management LLC now owns 4,000,000 shares of the oil and gas company’s stock valued at $13,280,000 after purchasing an additional 237,400 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in Precision Drilling by 2.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,168,347 shares of the oil and gas company’s stock valued at $7,482,000 after purchasing an additional 58,531 shares during the period. 48.68% of the stock is currently owned by institutional investors.

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About Precision Drilling (NYSE:PDS)

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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