Equities researchers at DA Davidson initiated coverage on shares of Precision Drilling Corp. (NYSE:PDS) in a report released on Thursday. The brokerage set a “buy” rating on the stock.

A number of other research firms have also commented on PDS. Zacks Investment Research upgraded shares of Precision Drilling Corp. from a “hold” rating to a “buy” rating and set a $6.00 price target for the company in a research report on Thursday, June 30th. Jefferies Group boosted their price target on shares of Precision Drilling Corp. from $3.00 to $4.00 and gave the company an “underweight” rating in a research report on Monday, July 11th. Credit Suisse Group AG lowered shares of Precision Drilling Corp. from a “neutral” rating to an “underperform” rating and set a $3.00 price target for the company. in a research report on Wednesday, June 1st. Scotiabank restated an “underperform” rating and set a $6.00 price target (up from $3.50) on shares of Precision Drilling Corp. in a research report on Tuesday, July 19th. Finally, Deutsche Bank AG set a $5.00 price target on shares of Precision Drilling Corp. and gave the company a “hold” rating in a research report on Sunday, July 24th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company. Precision Drilling Corp. currently has an average rating of “Hold” and an average price target of $5.47.

Precision Drilling Corp. (NYSE:PDS) opened at 3.77 on Thursday. Precision Drilling Corp. has a 12 month low of $2.43 and a 12 month high of $6.08. The company’s 50-day moving average price is $4.36 and its 200 day moving average price is $4.58. The company’s market capitalization is $1.11 billion.

Precision Drilling Corp. (NYSE:PDS) last released its quarterly earnings data on Thursday, July 21st. The company reported ($0.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.04. Precision Drilling Corp. had a negative net margin of 37.17% and a negative return on equity of 5.54%. The business earned $164 million during the quarter, compared to analyst estimates of $172.98 million. During the same period in the previous year, the business earned ($0.10) EPS. Precision Drilling Corp.’s revenue was down 51.0% compared to the same quarter last year. Analysts forecast that Precision Drilling Corp. will post ($0.47) EPS for the current fiscal year.

Institutional investors have recently modified their holdings of the stock. Mackenzie Financial Corp purchased a new position in shares of Precision Drilling Corp. during the second quarter valued at approximately $87,718,000. 1832 Asset Management L.P. increased its position in shares of Precision Drilling Corp. by 104.1% in the second quarter. 1832 Asset Management L.P. now owns 9,569,742 shares of the company’s stock valued at $50,734,000 after buying an additional 4,881,200 shares during the period. Vanguard Group Inc. increased its position in shares of Precision Drilling Corp. by 15.4% in the second quarter. Vanguard Group Inc. now owns 5,020,281 shares of the company’s stock valued at $26,607,000 after buying an additional 671,516 shares during the period. Norges Bank purchased a new position in shares of Precision Drilling Corp. during the fourth quarter valued at approximately $12,324,000. Finally, I.G. Investment Management LTD. increased its position in shares of Precision Drilling Corp. by 57.9% in the second quarter. I.G. Investment Management LTD. now owns 1,990,500 shares of the company’s stock valued at $10,555,000 after buying an additional 730,100 shares during the period. 72.90% of the stock is owned by hedge funds and other institutional investors.

About Precision Drilling Corp.

Precision Drilling Corporation (Precision) provides contract drilling, and completion and production services primarily to oil and natural gas exploration and production companies in Canada, the United States and certain international locations. It operates through two segments: Contract Drilling Services, and Completion and Production Services.

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