Precision Drilling Corp. (PDS) Stock Price Down 1.6%
Shares of Precision Drilling Corp. (NYSE:PDS) fell 1.6% during mid-day trading on Monday . The stock traded as low as $3.70 and last traded at $3.71, with a volume of 872,710 shares changing hands. The stock had previously closed at $3.77.
Several research firms have issued reports on PDS. Zacks Investment Research raised Precision Drilling Corp. from a “hold” rating to a “buy” rating and set a $6.00 price target on the stock in a research note on Thursday, June 30th. Jefferies Group raised their price objective on Precision Drilling Corp. from $3.00 to $4.00 and gave the company an “underweight” rating in a report on Monday, July 11th. Credit Suisse Group AG cut Precision Drilling Corp. from a “neutral” rating to an “underperform” rating and set a $3.00 price objective for the company. in a report on Wednesday, June 1st. Scotiabank restated an “underperform” rating and issued a $6.00 price objective (up previously from $3.50) on shares of Precision Drilling Corp. in a report on Tuesday, July 19th. Finally, Deutsche Bank AG set a $5.00 price objective on Precision Drilling Corp. and gave the company a “hold” rating in a report on Sunday, July 24th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $5.47.
The company’s market capitalization is $1.05 billion. The stock has a 50 day moving average of $4.28 and a 200 day moving average of $4.58.
Precision Drilling Corp. (NYSE:PDS) last posted its earnings results on Thursday, July 21st. The company reported ($0.20) earnings per share for the quarter, topping the Zacks’ consensus estimate 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 company had revenue of $164 million for the quarter, compared to analyst estimates of $172.98 million. During the same quarter in the prior year, the business posted ($0.10) EPS. The firm’s revenue was down 51.0% compared to the same quarter last year. Analysts anticipate that Precision Drilling Corp. will post ($0.47) EPS for the current fiscal year.
Several large investors have recently bought and sold shares of PDS. Mackenzie Financial Corp acquired a new stake in Precision Drilling Corp. during the second quarter worth $87,718,000. 1832 Asset Management L.P. raised its stake in 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 worth $50,734,000 after buying an additional 4,881,200 shares in the last quarter. Vanguard Group Inc. raised its stake in Precision Drilling Corp. by 15.4% in the second quarter. Vanguard Group Inc. now owns 5,020,281 shares of the company’s stock worth $26,607,000 after buying an additional 671,516 shares in the last quarter. Norges Bank acquired a new stake in Precision Drilling Corp. during the fourth quarter worth $12,324,000. Finally, I.G. Investment Management LTD. raised its stake in 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 worth $10,555,000 after buying an additional 730,100 shares in the last quarter. Institutional investors own 72.90% of the company’s stock.
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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