Precision Drilling Corp. (NYSE:PDS) Receives $5.68 Consensus Price Target from Analysts
Precision Drilling Corp. (NYSE:PDS) has been given a consensus recommendation of “Hold” by the seventeen ratings firms that are covering the firm. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $5.68.
A number of equities research analysts recently issued reports on the stock. Zacks Investment Research lowered shares of Precision Drilling Corp. from a “buy” rating to a “hold” rating in a report on Saturday, July 23rd. Deutsche Bank AG set a $5.00 price objective on shares of Precision Drilling Corp. and gave the company a “hold” rating in a report on Sunday, July 24th. Jefferies Group reaffirmed a “sell” rating and set a $4.00 target price on shares of Precision Drilling Corp. in a research note on Tuesday, July 26th. DA Davidson initiated coverage on shares of Precision Drilling Corp. in a research note on Thursday, September 15th. They set a “buy” rating for the company. Finally, Scotiabank reaffirmed an “underperform” rating and set a $6.00 target price (up previously from $3.50) on shares of Precision Drilling Corp. in a research note on Tuesday, July 19th.
Shares of Precision Drilling Corp. (NYSE:PDS) opened at 4.18 on Thursday. The stock has a 50 day moving average of $4.11 and a 200 day moving average of $4.54. The company’s market cap is $1.23 billion. Precision Drilling Corp. has a 12-month low of $2.43 and a 12-month high of $6.08.
Precision Drilling Corp. (NYSE:PDS) last announced its quarterly earnings data on Thursday, July 21st. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.24) by $0.04. Precision Drilling Corp. had a negative net margin of 37.17% and a negative return on equity of 5.54%. The firm earned $164 million during the quarter, compared to analyst estimates of $172.98 million. During the same quarter in the prior year, the firm posted ($0.10) earnings per share. Precision Drilling Corp.’s quarterly revenue was down 51.0% on a year-over-year basis. Analysts forecast that Precision Drilling Corp. will post ($0.48) earnings per share for the current year.
A number of hedge funds have recently modified their holdings of PDS. Mackenzie Financial Corp purchased a new stake in shares of Precision Drilling Corp. during the second quarter valued at $87,718,000. 1832 Asset Management L.P. boosted its stake in shares of Precision Drilling Corp. by 104.1% in the second quarter. 1832 Asset Management L.P. now owns 9,569,742 shares of the company’s stock valued at $50,734,000 after buying an additional 4,881,200 shares during the period. Norges Bank purchased a new stake in shares of Precision Drilling Corp. during the fourth quarter valued at $12,324,000. JPMorgan Chase & Co. purchased a new stake in shares of Precision Drilling Corp. during the second quarter valued at $4,695,000. Finally, Acadian Asset Management LLC purchased a new stake in shares of Precision Drilling Corp. during the second quarter valued at $4,017,000. 72.90% of the stock is currently owned by hedge funds and other institutional investors.
About Precision Drilling Corp.
Precision Drilling Corporation (Precision) provides contract drilling, and completion and production services primarily to oil and natural gas exploration and production companies in Canada, the United States and certain international locations. It operates through two segments: Contract Drilling Services, and Completion and Production Services.
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