Precision Drilling (NYSE:PDS) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research lowered shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a buy rating to a hold rating in a report issued on Saturday morning, Zacks.com reports.

According to Zacks, “Precision Drilling Corporation is an oilfield services company. The Company provides contract drilling, well servicing and strategic support services to the oil and gas industry in North America and internationally. It provides land drilling, directional drilling, turnkey drilling, camp and catering services, procures and distributes oilfield supplies. It also offers service rigs for well completion and workover services, snubbing services and wastewater treatment services, tubulars, well control equipment, wellsite accommodations. Precision Drilling Corporation is headquartered in Calgary, Canada. “

Several other research analysts have also recently issued reports on the company. Piper Jaffray Companies dropped their price objective on Precision Drilling from $2.50 to $2.00 and set an overweight rating on the stock in a research note on Tuesday, July 30th. BMO Capital Markets set a $3.00 price objective on Precision Drilling and gave the stock a buy rating in a research note on Tuesday, September 10th. ValuEngine raised Precision Drilling from a sell rating to a hold rating in a research note on Thursday, August 1st. Morgan Stanley dropped their price objective on Precision Drilling from $2.50 to $2.00 and set an overweight rating on the stock in a research note on Monday, October 7th. Finally, Scotiabank cut Precision Drilling from a sector perform rating to a sector underperform rating in a research note on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $2.17.

Shares of NYSE PDS traded down $0.03 during midday trading on Friday, hitting $1.08. The company’s stock had a trading volume of 1,305,124 shares, compared to its average volume of 1,103,188. The company has a current ratio of 1.85, a quick ratio of 1.73 and a debt-to-equity ratio of 1.01. The business’s 50 day moving average is $1.13 and its two-hundred day moving average is $1.59. Precision Drilling has a 12-month low of $1.00 and a 12-month high of $3.01. The firm has a market cap of $329.51 million, a P/E ratio of -4.15 and a beta of 2.34.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its quarterly earnings results on Thursday, October 24th. The oil and gas company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.03. Precision Drilling had a negative return on equity of 0.99% and a negative net margin of 11.99%. The firm had revenue of $284.47 million for the quarter, compared to the consensus estimate of $288.55 million. During the same period in the prior year, the business posted ($0.10) earnings per share. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. On average, analysts predict that Precision Drilling will post -0.11 earnings per share for the current fiscal year.

Large investors have recently made changes to their positions in the stock. Marshall Wace LLP bought a new stake in Precision Drilling during the 1st quarter valued at $36,000. Foundation Resource Management Inc. boosted its position in Precision Drilling by 1.1% during the 2nd quarter. Foundation Resource Management Inc. now owns 529,167 shares of the oil and gas company’s stock valued at $1,000,000 after acquiring an additional 5,985 shares in the last quarter. ARP Americas LP bought a new stake in Precision Drilling during the 2nd quarter valued at $71,000. Wedge Capital Management L L P NC bought a new stake in Precision Drilling during the 2nd quarter valued at $1,475,000. Finally, Swiss National Bank boosted its position in Precision Drilling by 2.8% during the 2nd quarter. Swiss National Bank now owns 544,300 shares of the oil and gas company’s stock valued at $1,022,000 after acquiring an additional 14,700 shares in the last quarter. 37.60% of the stock is currently owned by institutional investors.

Precision Drilling Company Profile

Precision Drilling Corporation, an oilfield services company, 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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