Precision Drilling (PDS) Stock Price Down 3.2%

Precision Drilling Corp (NYSE:PDS) (TSE:PD)’s share price fell 3.2% during mid-day trading on Thursday . The company traded as low as $2.17 and last traded at $2.10. 85,884 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 1,450,624 shares. The stock had previously closed at $2.17.

A number of brokerages have recently issued reports on PDS. GMP Securities restated a “buy” rating on shares of Precision Drilling in a research note on Monday. Canaccord Genuity reiterated a “buy” rating on shares of Precision Drilling in a research report on Sunday, November 25th. TD Securities restated a “buy” rating on shares of Precision Drilling in a research report on Thursday, November 29th. Raymond James restated a “buy” rating on shares of Precision Drilling in a research report on Tuesday, October 30th. Finally, Credit Suisse Group lowered their price objective on shares of Precision Drilling from $3.90 to $3.00 and set a “hold” rating for the company in a research report on Monday, November 5th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $4.40.

The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.73 and a current ratio of 1.85. The stock has a market cap of $637.51 million, a price-to-earnings ratio of -7.41 and a beta of 2.15.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings data on Thursday, October 25th. The oil and gas company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.02). The company had revenue of $292.65 million during the quarter, compared to analyst estimates of $306.54 million. Precision Drilling had a negative net margin of 9.77% and a negative return on equity of 6.59%. As a group, equities research analysts forecast that Precision Drilling Corp will post -0.29 earnings per share for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp increased its position in Precision Drilling by 138.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 35,916 shares of the oil and gas company’s stock valued at $119,000 after acquiring an additional 20,833 shares in the last quarter. Morgan Stanley boosted its stake in shares of Precision Drilling by 1.8% in the 3rd quarter. Morgan Stanley now owns 1,387,162 shares of the oil and gas company’s stock valued at $4,799,000 after purchasing an additional 25,041 shares during the last quarter. Credit Suisse AG boosted its stake in shares of Precision Drilling by 9.7% in the 3rd quarter. Credit Suisse AG now owns 283,813 shares of the oil and gas company’s stock valued at $983,000 after purchasing an additional 25,179 shares during the last quarter. CIBC World Markets Inc. boosted its stake in shares of Precision Drilling by 3.9% in the 3rd quarter. CIBC World Markets Inc. now owns 722,635 shares of the oil and gas company’s stock valued at $2,500,000 after purchasing an additional 26,941 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. boosted its stake in shares of Precision Drilling by 112.1% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 59,537 shares of the oil and gas company’s stock valued at $197,000 after purchasing an additional 31,461 shares during the last quarter. Hedge funds and other institutional investors own 48.68% of the company’s stock.

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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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