Precision Drilling (NYSE:PDS) Downgraded to “Hold” Rating by Zacks Research

Zacks Research cut shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a strong-buy rating to a hold rating in a research report released on Monday,Zacks.com reports.

A number of other brokerages have also weighed in on PDS. Piper Sandler reaffirmed an “overweight” rating and issued a $74.00 price target (up previously from $72.00) on shares of Precision Drilling in a research note on Thursday, August 14th. Royal Bank Of Canada lifted their price target on shares of Precision Drilling from $89.00 to $100.00 and gave the company an “outperform” rating in a research note on Thursday, July 31st. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $87.00.

Precision Drilling Stock Up 1.4%

Precision Drilling stock opened at $58.52 on Monday. The company’s 50 day simple moving average is $54.58 and its 200 day simple moving average is $48.35. Precision Drilling has a fifty-two week low of $36.20 and a fifty-two week high of $67.46. The firm has a market capitalization of $771.27 million, a price-to-earnings ratio of 12.32 and a beta of 1.15. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.01 and a quick ratio of 0.90.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings data on Tuesday, July 29th. The oil and gas company reported $0.77 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.79. Precision Drilling had a net margin of 5.67% and a return on equity of 6.21%. The business had revenue of $299.14 million for the quarter, compared to analyst estimates of $435.47 million. As a group, sell-side analysts anticipate that Precision Drilling will post 7.1 EPS for the current year.

Hedge Funds Weigh In On Precision Drilling

A number of institutional investors have recently added to or reduced their stakes in PDS. Cubist Systematic Strategies LLC acquired a new position in Precision Drilling during the first quarter worth $45,000. Raymond James Financial Inc. acquired a new position in shares of Precision Drilling in the second quarter valued at $57,000. Deutsche Bank AG acquired a new position in shares of Precision Drilling in the fourth quarter valued at $85,000. Signaturefd LLC increased its holdings in shares of Precision Drilling by 52.4% in the second quarter. Signaturefd LLC now owns 2,230 shares of the oil and gas company’s stock valued at $105,000 after purchasing an additional 767 shares during the last quarter. Finally, Aristides Capital LLC acquired a new position in shares of Precision Drilling in the first quarter valued at $252,000. 48.86% of the stock is currently owned by institutional investors and hedge funds.

Precision Drilling Company Profile

Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates through Contract Drilling Services and Completion and Production Services segments.