Canaccord Genuity Upgrades Precision Drilling (NYSE:PDS) to “Buy”

Canaccord Genuity upgraded shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a hold rating to a buy rating in a report published on Friday, November 9th, The Fly reports.

A number of other analysts also recently weighed in on the stock. TD Securities downgraded shares of Precision Drilling to a buy rating in a research report on Wednesday, September 5th. Scotiabank upgraded shares of Precision Drilling from an underperform rating to a sector perform rating in a research report on Friday, October 26th. Zacks Investment Research downgraded shares of Precision Drilling from a hold rating to a sell rating in a report on Saturday, October 6th. Jefferies Financial Group set a $5.00 target price on shares of Precision Drilling and gave the stock a buy rating in a report on Monday, July 30th. Finally, Piper Jaffray Companies set a $6.00 target price on shares of Precision Drilling and gave the stock a buy rating in a report on Wednesday, October 3rd. Two analysts have rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company’s stock. Precision Drilling has a consensus rating of Buy and a consensus price target of $4.40.

Shares of NYSE:PDS traded up $0.03 during mid-day trading on Friday, reaching $2.33. The stock had a trading volume of 1,422,846 shares, compared to its average volume of 1,921,885. The company has a market capitalization of $675.70 million, a price-to-earnings ratio of -8.32 and a beta of 2.15. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.85 and a quick ratio of 1.73. Precision Drilling has a twelve month low of $2.19 and a twelve month high of $4.14.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings results on Thursday, October 25th. The oil and gas company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02). The firm had revenue of $292.65 million during the quarter, compared to analyst estimates of $306.54 million. Precision Drilling had a negative net margin of 9.77% and a negative return on equity of 6.59%. Equities research analysts expect that Precision Drilling will post -0.29 earnings per share for the current year.

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in Precision Drilling by 3.1% during the 3rd quarter. Vanguard Group Inc. now owns 7,265,717 shares of the oil and gas company’s stock worth $25,139,000 after buying an additional 220,935 shares during the period. AGF Investments Inc. raised its holdings in shares of Precision Drilling by 107.1% in the second quarter. AGF Investments Inc. now owns 4,910,191 shares of the oil and gas company’s stock valued at $16,247,000 after purchasing an additional 2,538,700 shares during the last quarter. Lonestar Capital Management LLC raised its holdings in shares of 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. Bank of Montreal Can raised its holdings in shares of Precision Drilling by 14.5% in the third quarter. Bank of Montreal Can now owns 3,499,046 shares of the oil and gas company’s stock valued at $12,107,000 after purchasing an additional 442,665 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of 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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Analyst Recommendations for Precision Drilling (NYSE:PDS)

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