Precision Drilling (NYSE:PDS) Shares Gap Up – Should You Buy?

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) gapped up before the market opened on Thursday . The stock had previously closed at $89.94, but opened at $92.35. Precision Drilling shares last traded at $88.9510, with a volume of 6,625 shares.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Zacks Research downgraded shares of Precision Drilling from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 1st. Weiss Ratings downgraded shares of Precision Drilling from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, June 23rd. Finally, Wall Street Zen cut Precision Drilling from a “buy” rating to a “hold” rating in a report on Sunday, August 9th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $122.33.

Precision Drilling Stock Down 0.4%

The firm has a market cap of $1.14 billion, a P/E ratio of -42.85 and a beta of 0.81. The company’s 50-day simple moving average is $83.68 and its 200 day simple moving average is $88.84. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.46 and a quick ratio of 1.29.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its earnings results on Tuesday, July 28th. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.81). Precision Drilling had a negative net margin of 1.68% and a positive return on equity of 2.11%. The business had revenue of $319.15 million for the quarter, compared to analysts’ expectations of $310.70 million. Research analysts anticipate that Precision Drilling Corporation will post 4.62 EPS for the current fiscal year.

Institutional Trading of Precision Drilling

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Engineers Gate Manager LP increased its holdings in Precision Drilling by 70.8% during the 2nd quarter. Engineers Gate Manager LP now owns 31,802 shares of the oil and gas company’s stock worth $2,438,000 after purchasing an additional 13,188 shares during the period. TD Waterhouse Canada Inc. lifted its holdings in shares of Precision Drilling by 21.2% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 12,341 shares of the oil and gas company’s stock worth $929,000 after buying an additional 2,155 shares during the period. Public Employees Retirement System of Ohio bought a new position in shares of Precision Drilling during the 2nd quarter worth $557,000. Plato Investment Management Ltd bought a new position in shares of Precision Drilling during the 2nd quarter worth $190,000. Finally, Bank of America Corp DE increased its stake in shares of Precision Drilling by 129.5% during the first quarter. Bank of America Corp DE now owns 114,706 shares of the oil and gas company’s stock valued at $11,287,000 after buying an additional 64,735 shares during the period. 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.