Precision Drilling (NYSE:PDS) Lowered to “Strong Sell” Rating by Zacks Research

Zacks Research downgraded shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a hold rating to a strong sell rating in a report released on Wednesday,Zacks.com reports.

A number of other equities research analysts have also recently commented on the stock. Wall Street Zen cut shares of Precision Drilling from a “buy” rating to a “hold” rating in a research note on Sunday, March 22nd. BMO Capital Markets restated an “outperform” rating on shares of Precision Drilling in a research report on Thursday, April 30th. Weiss Ratings downgraded shares of Precision Drilling from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, June 23rd. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Precision Drilling in a research report on Friday, May 1st. Finally, Royal Bank Of Canada raised their price objective on shares of Precision Drilling from $124.00 to $140.00 and gave the stock an “outperform” rating in a research note on Monday, March 23rd. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $122.33.

Precision Drilling Stock Up 0.5%

Precision Drilling stock opened at $75.62 on Wednesday. Precision Drilling has a fifty-two week low of $48.59 and a fifty-two week high of $103.80. The firm has a market capitalization of $977.01 million, a price-to-earnings ratio of -80.45 and a beta of 0.76. The stock’s fifty day moving average is $90.70 and its two-hundred day moving average is $86.34. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.52 and a current ratio of 1.70.

Institutional Trading of Precision Drilling

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its stake in shares of Precision Drilling by 180.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 37,579 shares of the oil and gas company’s stock worth $2,118,000 after purchasing an additional 24,203 shares during the last quarter. Versor Investments LP acquired a new position in shares of Precision Drilling in the fourth quarter valued at approximately $475,000. Equinox Partners Investment Management LLC purchased a new position in shares of Precision Drilling during the fourth quarter valued at approximately $2,161,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Precision Drilling by 11,668,900.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 116,690 shares of the oil and gas company’s stock valued at $8,388,000 after buying an additional 116,689 shares during the period. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Precision Drilling during the third quarter worth approximately $583,000. 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.