Precision Drilling (NYSE:PDS) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a hold rating to a buy rating in a research note issued to investors on Saturday morning.

A number of other research analysts have also commented on the company. Royal Bank Of Canada reissued an “outperform” rating and set a $124.00 price objective (up previously from $119.00) on shares of Precision Drilling in a report on Friday. TD Securities reiterated a “hold” rating on shares of Precision Drilling in a report on Thursday. Weiss Ratings restated a “hold (c-)” rating on shares of Precision Drilling in a research note on Wednesday, January 28th. ATB Cormark Capital Markets upgraded shares of Precision Drilling to a “strong-buy” rating in a research note on Thursday, October 30th. Finally, Zacks Research raised shares of Precision Drilling from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Precision Drilling currently has a consensus rating of “Moderate Buy” and an average price target of $102.50.

Precision Drilling Stock Up 5.4%

Precision Drilling stock opened at $87.42 on Friday. The company has a current ratio of 1.58, a quick ratio of 1.42 and a debt-to-equity ratio of 0.41. Precision Drilling has a 1-year low of $36.20 and a 1-year high of $91.99. The firm’s fifty day simple moving average is $74.94 and its 200-day simple moving average is $63.58. The company has a market capitalization of $1.13 billion, a P/E ratio of -224.15 and a beta of 1.04.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its earnings results on Wednesday, February 11th. The oil and gas company reported $1.37 EPS for the quarter, topping the consensus estimate of $1.11 by $0.26. Precision Drilling had a net margin of 0.05% and a return on equity of 4.06%. The firm had revenue of $349.37 million for the quarter, compared to the consensus estimate of $489.80 million. Sell-side analysts forecast that Precision Drilling will post 7.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Precision Drilling

Large investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its position in shares of Precision Drilling by 6.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 37,473 shares of the oil and gas company’s stock worth $2,692,000 after acquiring an additional 2,333 shares during the period. SIR Capital Management L.P. raised its stake in shares of Precision Drilling by 0.4% in the fourth quarter. SIR Capital Management L.P. now owns 56,178 shares of the oil and gas company’s stock valued at $4,031,000 after purchasing an additional 200 shares in the last quarter. Quadrant Capital Group LLC lifted its position in Precision Drilling by 13.0% in the fourth quarter. Quadrant Capital Group LLC now owns 5,139 shares of the oil and gas company’s stock worth $369,000 after purchasing an additional 592 shares during the period. Northwest & Ethical Investments L.P. boosted its stake in Precision Drilling by 28.1% during the fourth quarter. Northwest & Ethical Investments L.P. now owns 18,342 shares of the oil and gas company’s stock worth $1,318,000 after buying an additional 4,029 shares in the last quarter. Finally, Federation des caisses Desjardins du Quebec increased its holdings in Precision Drilling by 50.0% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 39,339 shares of the oil and gas company’s stock valued at $2,756,000 after buying an additional 13,107 shares during the period. Institutional investors and hedge funds own 48.86% of the company’s stock.

Precision Drilling Company Profile

Precision Drilling Corporation (NYSE: PDS) is a Calgary, Alberta–based oilfield services company that has provided drilling solutions since its founding in 1951. With more than seven decades of industry experience, the company delivers contract drilling services, directional and horizontal drilling, well servicing, and a suite of specialized equipment designed to meet the evolving needs of exploration and production companies worldwide.

The company’s core business activities include operating a fleet of onshore drilling rigs, offering managed pressure drilling, measurement-while-drilling (MWD) and logging-while-drilling (LWD) services, and providing completion and workover rigs.