Precision Drilling (NYSE:PDS) Downgraded by StockNews.com

StockNews.com lowered shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a buy rating to a hold rating in a research note issued to investors on Friday.

Separately, Piper Sandler reduced 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 investment 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $115.17.

Precision Drilling Stock Up 5.2 %

Shares of NYSE PDS opened at $72.35 on Friday. Precision Drilling has a 12-month low of $41.56 and a 12-month high of $77.21. The company has a market capitalization of $1.05 billion, a PE ratio of 6.36 and a beta of 2.11. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.40 and a quick ratio of 1.30. The firm’s 50-day moving average is $66.23 and its two-hundred day moving average is $60.64.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings results on Thursday, April 25th. The oil and gas company reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.00 by ($0.12). Precision Drilling had a net margin of 12.00% and a return on equity of 10.44%. The business had revenue of $391.51 million during the quarter, compared to analysts’ expectations of $399.44 million. Equities analysts anticipate that Precision Drilling will post 6.41 EPS for the current fiscal year.

Hedge Funds Weigh In On Precision Drilling

Several institutional investors and hedge funds have recently modified their holdings of PDS. Ninepoint Partners LP purchased a new position in shares of Precision Drilling during the fourth quarter valued at approximately $74,649,000. Acadian Asset Management LLC lifted its stake in shares of Precision Drilling by 95.0% during the third quarter. Acadian Asset Management LLC now owns 466,048 shares of the oil and gas company’s stock valued at $31,344,000 after buying an additional 227,077 shares during the period. American Century Companies Inc. lifted its stake in shares of Precision Drilling by 1,501.2% during the third quarter. American Century Companies Inc. now owns 223,116 shares of the oil and gas company’s stock valued at $14,950,000 after buying an additional 209,182 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Precision Drilling by 172.3% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 188,400 shares of the oil and gas company’s stock valued at $12,623,000 after buying an additional 119,200 shares during the period. Finally, Wellington Management Group LLP purchased a new position in shares of Precision Drilling during the third quarter valued at approximately $4,638,000. Hedge funds and other institutional investors own 48.86% of the company’s stock.

About Precision Drilling

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.