Precision Drilling (NYSE:PDS) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research lowered shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a buy rating to a hold rating in a research note published on Thursday, Zacks.com reports.

According to Zacks, “Precision Drilling Corporation is an oilfield services company. The Company provides contract drilling, well servicing and strategic support services to the oil and gas industry in North America and internationally. It provides land drilling, directional drilling, turnkey drilling, camp and catering services, procures and distributes oilfield supplies. It also offers service rigs for well completion and workover services, snubbing services and wastewater treatment services, tubulars, well control equipment, wellsite accommodations. Precision Drilling Corporation is headquartered in Calgary, Canada. “

Other equities research analysts have also issued research reports about the company. Piper Jaffray Companies decreased their price objective on Precision Drilling from $2.50 to $2.00 and set an overweight rating for the company in a report on Tuesday. ValuEngine lowered Precision Drilling from a hold rating to a sell rating in a report on Wednesday, May 1st. AltaCorp Capital reaffirmed an outperform rating on shares of Precision Drilling in a report on Thursday, June 20th. Raymond James reaffirmed a buy rating on shares of Precision Drilling in a report on Wednesday, June 5th. Finally, BMO Capital Markets reaffirmed a buy rating on shares of Precision Drilling in a report on Friday, April 26th. One analyst has rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the stock. The company currently has an average rating of Buy and an average price target of $2.47.

PDS traded down $0.07 during trading hours on Thursday, hitting $1.56. The stock had a trading volume of 956,800 shares, compared to its average volume of 1,109,986. The firm’s fifty day simple moving average is $1.77. Precision Drilling has a 1 year low of $1.53 and a 1 year high of $4.12. The stock has a market capitalization of $514.12 million, a PE ratio of -6.00 and a beta of 2.27. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.70 and a current ratio of 1.83.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings data on Thursday, July 25th. The oil and gas company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.04. Precision Drilling had a negative return on equity of 2.67% and a negative net margin of 13.63%. The company had revenue of $359.00 million during the quarter, compared to analyst estimates of $346.66 million. During the same quarter last year, the firm posted ($0.16) EPS. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. Analysts predict that Precision Drilling will post -0.11 earnings per share for the current fiscal year.

Hedge funds have recently bought and sold shares of the business. Norges Bank bought a new stake in shares of Precision Drilling during the 4th quarter valued at about $9,130,000. Two Sigma Advisers LP boosted its position in shares of Precision Drilling by 92.0% during the 4th quarter. Two Sigma Advisers LP now owns 962,536 shares of the oil and gas company’s stock valued at $1,673,000 after acquiring an additional 461,258 shares during the last quarter. Legal & General Group Plc boosted its position in shares of Precision Drilling by 8.1% during the 4th quarter. Legal & General Group Plc now owns 354,187 shares of the oil and gas company’s stock valued at $615,000 after acquiring an additional 26,626 shares during the last quarter. Foundation Resource Management Inc. boosted its position in shares of Precision Drilling by 1.1% during the 2nd quarter. Foundation Resource Management Inc. now owns 529,167 shares of the oil and gas company’s stock valued at $1,000,000 after acquiring an additional 5,985 shares during the last quarter. Finally, Fort Washington Investment Advisors Inc. OH boosted its position in shares of Precision Drilling by 20.6% during the 1st quarter. Fort Washington Investment Advisors Inc. OH now owns 321,020 shares of the oil and gas company’s stock valued at $762,000 after acquiring an additional 54,757 shares during the last quarter. 43.38% of the stock is owned by institutional investors and hedge funds.

About Precision Drilling

Precision Drilling Corporation, an oilfield services company, 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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