Precision Drilling (PDS) Earns “Buy” Rating from GMP Securities
PDS has been the topic of several other reports. Credit Suisse Group reduced their price objective on Precision Drilling from $3.90 to $3.00 and set a hold rating on the stock in a research report on Monday, November 5th. Scotiabank upgraded Precision Drilling from an underperform rating to a sector perform rating in a research report on Friday, October 26th. Piper Jaffray Companies set a $6.00 price objective on Precision Drilling and gave the company a buy rating in a research report on Wednesday, October 3rd. TD Securities restated a buy rating on shares of Precision Drilling in a research report on Thursday, November 29th. Finally, Canaccord Genuity restated a buy rating on shares of Precision Drilling in a research report on Sunday, November 25th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company. Precision Drilling presently has an average rating of Buy and a consensus target price of $4.40.
Shares of NYSE:PDS opened at $2.10 on Monday. The company has a current ratio of 1.85, a quick ratio of 1.73 and a debt-to-equity ratio of 0.98. Precision Drilling has a 52-week low of $2.03 and a 52-week high of $4.14. The firm has a market capitalization of $637.51 million, a PE ratio of -7.41 and a beta of 2.15.
Institutional investors have recently added to or reduced their stakes in the stock. Cumberland Partners Ltd acquired a new position in Precision Drilling in the second quarter valued at $1,270,000. Prescott Group Capital Management L.L.C. acquired a new position in Precision Drilling in the second quarter valued at $202,000. CIBC Asset Management Inc increased its stake in Precision Drilling by 15.9% in the third quarter. CIBC Asset Management Inc now owns 1,018,819 shares of the oil and gas company’s stock valued at $3,515,000 after purchasing an additional 139,807 shares during the last quarter. Lonestar Capital Management LLC increased its stake in Precision Drilling by 6.3% in the second quarter. Lonestar Capital Management LLC now owns 4,000,000 shares of the oil and gas company’s stock valued at $13,280,000 after purchasing an additional 237,400 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in Precision Drilling by 2.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,168,347 shares of the oil and gas company’s stock valued at $7,482,000 after purchasing an additional 58,531 shares during the last quarter. Hedge funds and other institutional investors own 48.68% of the company’s stock.
Precision Drilling Company Profile
Precision Drilling Corporation provides oil and natural gas drilling and related services and products. The company operates in two segments, Contract Drilling Services, and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry.
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