Precision Drilling (NYSE:PDS) Rating Lowered to Hold at Wall Street Zen

Precision Drilling (NYSE:PDS) (TSE:PD) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Sunday.

Several other analysts also recently commented on the company. BMO Capital Markets reaffirmed an “outperform” rating on shares of Precision Drilling in a research note on Thursday, February 12th. Loop Capital set a $122.00 target price on Precision Drilling in a research note on Monday, March 2nd. Zacks Research raised Precision Drilling from a “strong sell” rating to a “hold” rating in a report on Friday, January 30th. Weiss Ratings cut Precision Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research note on Thursday, March 12th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $105.00 price target (up from $81.00) on shares of Precision Drilling in a report on Tuesday, February 17th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Precision Drilling presently has a consensus rating of “Moderate Buy” and an average target price of $122.33.

Precision Drilling Trading Up 1.5%

Shares of Precision Drilling stock opened at $100.14 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.46 and a current ratio of 1.62. The company has a market capitalization of $1.30 billion, a P/E ratio of -256.75 and a beta of 1.01. Precision Drilling has a 1 year low of $36.20 and a 1 year high of $101.50. The company’s fifty day moving average is $85.64 and its two-hundred day moving average is $70.06.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its earnings results on Wednesday, February 11th. The oil and gas company reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.26. Precision Drilling had a net margin of 0.05% and a return on equity of 4.12%. The business had revenue of $349.37 million during the quarter, compared to analysts’ expectations of $489.80 million. Analysts forecast that Precision Drilling will post 7.1 earnings per share for the current year.

Institutional Investors Weigh In On Precision Drilling

Institutional investors have recently added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Precision Drilling by 275.5% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 387,598 shares of the oil and gas company’s stock valued at $18,338,000 after buying an additional 284,384 shares during the period. Aegis Financial Corp grew its holdings in Precision Drilling by 110.0% during the third quarter. Aegis Financial Corp now owns 452,359 shares of the oil and gas company’s stock worth $25,486,000 after acquiring an additional 236,963 shares during the period. Picton Mahoney Asset Management raised its position in Precision Drilling by 100.0% in the third quarter. Picton Mahoney Asset Management now owns 245,981 shares of the oil and gas company’s stock worth $13,851,000 after acquiring an additional 122,974 shares in the last quarter. Beirne Wealth Consulting Services LLC purchased a new position in Precision Drilling in the third quarter worth $325,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Precision Drilling in the third quarter worth $583,000. Hedge funds and other institutional investors own 48.86% of the company’s stock.

About Precision Drilling

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.