Precision Drilling (NYSE:PDS) Cut to “Hold” at Wall Street Zen

Wall Street Zen lowered shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a buy rating to a hold rating in a research report released on Sunday morning.

A number of other research firms have also recently commented on PDS. Piper Sandler restated an “overweight” rating and set a $105.00 target price (up from $81.00) on shares of Precision Drilling in a research note on Tuesday, February 17th. ATB Cormark Capital Markets upgraded shares of Precision Drilling to a “strong-buy” rating in a research report on Thursday, October 30th. Royal Bank Of Canada restated an “outperform” rating and set a $124.00 target price (up from $119.00) on shares of Precision Drilling in a research note on Friday, February 13th. TD Securities reiterated a “hold” rating on shares of Precision Drilling in a research note on Thursday, February 12th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Precision Drilling in a report on Wednesday, January 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $114.50.

Precision Drilling Price Performance

NYSE PDS opened at $87.45 on Friday. The business’s fifty day moving average is $77.61 and its 200 day moving average is $65.28. Precision Drilling has a fifty-two week low of $36.20 and a fifty-two week high of $92.40. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.46 and a current ratio of 1.62. The company has a market capitalization of $1.13 billion, a PE ratio of -224.23 and a beta of 1.04.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings data on Wednesday, February 11th. The oil and gas company reported $1.37 EPS for the quarter, topping the consensus estimate of $1.11 by $0.26. Precision Drilling had a return on equity of 4.12% and a net margin of 0.05%.The firm had revenue of $349.37 million for the quarter, compared to the consensus estimate of $489.80 million. Sell-side analysts predict that Precision Drilling will post 7.1 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PDS. Invesco Ltd. increased its holdings in shares of Precision Drilling by 5.5% in the fourth quarter. Invesco Ltd. now owns 9,614 shares of the oil and gas company’s stock worth $691,000 after purchasing an additional 502 shares during the last quarter. Vident Advisory LLC purchased a new position in Precision Drilling during the 4th quarter valued at approximately $222,000. Mackenzie Financial Corp increased its stake in Precision Drilling by 45.9% in the 4th quarter. Mackenzie Financial Corp now owns 21,784 shares of the oil and gas company’s stock worth $1,566,000 after acquiring an additional 6,854 shares during the last quarter. NewEdge Advisors LLC purchased a new stake in shares of Precision Drilling during the 4th quarter worth approximately $322,000. Finally, XTX Topco Ltd boosted its position in shares of Precision Drilling by 55.1% during the 4th quarter. XTX Topco Ltd now owns 10,035 shares of the oil and gas company’s stock valued at $721,000 after acquiring an additional 3,563 shares during the last quarter. Hedge funds and other institutional investors own 48.86% of the company’s stock.

About Precision Drilling

Precision Drilling Corporation (NYSE: PDS) is a Calgary, Alberta–based oilfield services company that has provided drilling solutions since its founding in 1951. With more than seven decades of industry experience, the company delivers contract drilling services, directional and horizontal drilling, well servicing, and a suite of specialized equipment designed to meet the evolving needs of exploration and production companies worldwide.

The company’s core business activities include operating a fleet of onshore drilling rigs, offering managed pressure drilling, measurement-while-drilling (MWD) and logging-while-drilling (LWD) services, and providing completion and workover rigs.