Precision Drilling Corporation (PDS) Downgraded by J P Morgan Chase & Co to Neutral
A number of other equities analysts have also recently issued reports on the company. Morgan Stanley cut Precision Drilling Corporation from an overweight rating to an equal weight rating and dropped their target price for the stock from $9.00 to $4.50 in a report on Wednesday, June 21st. Jefferies Group LLC set a $6.00 target price on Precision Drilling Corporation and gave the stock a buy rating in a report on Tuesday, June 6th. Wolfe Research cut Precision Drilling Corporation from an outperform rating to a market perform rating in a report on Tuesday, June 6th. Zacks Investment Research raised Precision Drilling Corporation from a sell rating to a hold rating in a report on Friday, July 28th. Finally, Piper Jaffray Companies cut Precision Drilling Corporation from an overweight rating to a neutral rating and dropped their target price for the stock from $5.00 to $3.25 in a report on Thursday, June 29th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $6.21.
Precision Drilling Corporation (NYSE:PDS) opened at 2.73 on Tuesday. The company’s 50-day moving average price is $2.78 and its 200-day moving average price is $3.68. The firm’s market cap is $800.54 million. Precision Drilling Corporation has a 52-week low of $2.38 and a 52-week high of $6.25.
Precision Drilling Corporation (NYSE:PDS) (TSE:PD) last posted its quarterly earnings results on Monday, July 31st. The oil and gas company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.07. The firm had revenue of $275.52 million during the quarter, compared to analysts’ expectations of $271.33 million. Precision Drilling Corporation had a negative return on equity of 7.10% and a negative net margin of 12.38%. The company’s revenue for the quarter was up 68.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.20) EPS. Analysts predict that Precision Drilling Corporation will post ($0.33) EPS for the current year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quantbot Technologies LP bought a new stake in Precision Drilling Corporation during the 1st quarter worth approximately $102,000. Pacad Investment Ltd. grew its position in Precision Drilling Corporation by 81.2% during the 2nd quarter. Pacad Investment Ltd. now owns 32,800 shares of the oil and gas company’s stock worth $112,000 after acquiring an additional 14,700 shares during the last quarter. Cipher Capital LP bought a new stake in Precision Drilling Corporation during the 1st quarter worth approximately $120,000. Tower Research Capital LLC TRC grew its position in Precision Drilling Corporation by 200.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 29,724 shares of the oil and gas company’s stock worth $132,000 after acquiring an additional 19,819 shares during the last quarter. Finally, Verition Fund Management LLC bought a new stake in Precision Drilling Corporation during the 2nd quarter worth approximately $158,000. Institutional investors and hedge funds own 61.45% of the company’s stock.
About Precision Drilling Corporation
Precision Drilling Corporation (Precision) is an oilfield services company. The Company provides onshore drilling and completion and production services to exploration and production companies in the oil and natural gas industry. The Company operates through two segments: Contract Drilling Services, and Completion and Production Services.
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