Precision Drilling (NYSE:PDS) Raised to “Buy” at Wall Street Zen

Precision Drilling (NYSE:PDS) (TSE:PD) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Saturday.

A number of other equities analysts have also weighed in on PDS. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Precision Drilling in a research report on Friday, May 1st. Zacks Research cut shares of Precision Drilling from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 1st. Weiss Ratings downgraded Precision Drilling from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, June 23rd. TD Securities reissued a “hold” rating on shares of Precision Drilling in a research note on Friday, May 1st. Finally, BMO Capital Markets restated an “outperform” rating on shares of Precision Drilling in a report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $122.33.

Precision Drilling Stock Up 0.2%

Shares of NYSE:PDS opened at $77.87 on Friday. The company has a quick ratio of 1.29, a current ratio of 1.46 and a debt-to-equity ratio of 0.39. Precision Drilling has a 52-week low of $52.53 and a 52-week high of $103.80. The stock’s fifty day simple moving average is $84.83 and its 200-day simple moving average is $87.86. The company has a market capitalization of $1.00 billion, a P/E ratio of -37.26 and a beta of 0.78.

Institutional Trading of Precision Drilling

Institutional investors and hedge funds have recently bought and sold shares of the business. Cubist Systematic Strategies LLC purchased a new position in Precision Drilling in the first quarter valued at approximately $45,000. Quarry LP purchased a new stake in Precision Drilling during the third quarter worth approximately $54,000. Raymond James Financial Inc. acquired a new stake in shares of Precision Drilling in the second quarter worth $57,000. Wolverine Asset Management LLC increased its position in shares of Precision Drilling by 112.9% in the fourth quarter. Wolverine Asset Management LLC now owns 802 shares of the oil and gas company’s stock worth $58,000 after acquiring an additional 7,000 shares in the last quarter. Finally, US Bancorp DE raised its stake in shares of Precision Drilling by 52.3% in the 3rd quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock valued at $67,000 after acquiring an additional 408 shares during the period. Institutional investors and hedge funds 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.