Precision Drilling (NYSE:PDS) Cut to “Hold” at StockNews.com

Precision Drilling (NYSE:PDS) (TSE:PD) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Friday.

Separately, Piper Sandler decreased their price target on shares of Precision Drilling from $100.00 to $81.00 and set an “overweight” rating on the stock in a report on Tuesday, February 20th. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $115.17.

Precision Drilling Price Performance

Shares of Precision Drilling stock traded up $3.57 during trading on Friday, hitting $72.35. The stock had a trading volume of 168,959 shares, compared to its average volume of 86,633. The firm has a market cap of $1.05 billion, a price-to-earnings ratio of 5.31 and a beta of 2.11. Precision Drilling has a 12 month low of $41.56 and a 12 month high of $77.21. The business’s 50-day moving average is $66.23 and its 200 day moving average is $60.64. The company has a current ratio of 1.40, a quick ratio of 1.30 and a debt-to-equity ratio of 0.58.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings results on Thursday, April 25th. The oil and gas company reported $1.88 earnings per share for the quarter, missing the consensus estimate of $2.00 by ($0.12). The firm had revenue of $391.51 million during the quarter, compared to the consensus estimate of $399.44 million. Precision Drilling had a return on equity of 14.81% and a net margin of 14.87%. As a group, sell-side analysts anticipate that Precision Drilling will post 6.41 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Signaturefd LLC grew its position in Precision Drilling by 41.3% in the third quarter. Signaturefd LLC now owns 921 shares of the oil and gas company’s stock worth $62,000 after acquiring an additional 269 shares in the last quarter. Russell Investments Group Ltd. purchased a new stake in Precision Drilling during the fourth quarter valued at about $88,000. Barometer Capital Management Inc. purchased a new stake in Precision Drilling during the third quarter valued at about $148,000. Quantbot Technologies LP purchased a new stake in Precision Drilling during the third quarter valued at about $243,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Precision Drilling by 41.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,725 shares of the oil and gas company’s stock valued at $251,000 after buying an additional 1,084 shares during the period. 48.86% of the stock is currently owned by hedge funds and other institutional investors.

Precision Drilling Company Profile

Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates through Contract Drilling Services and Completion and Production Services segments.