Precision Drilling (NYSE:PDS) Trading Down 4.3% – Should You Sell?

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) shares were down 4.3% during mid-day trading on Monday . The stock traded as low as $84.63 and last traded at $83.9170. 9,272 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 117,950 shares. The stock had previously closed at $87.65.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Weiss Ratings reissued a “sell (d+)” rating on shares of Precision Drilling in a research note on Friday. Wall Street Zen downgraded shares of Precision Drilling from a “buy” rating to a “hold” rating in a research note on Sunday, August 9th. Finally, Zacks Research cut shares of Precision Drilling from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $122.33.

Precision Drilling Trading Down 0.7%

The business’s 50-day moving average is $85.08 and its two-hundred day moving average is $88.81. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.29 and a current ratio of 1.46. The stock has a market capitalization of $1.05 billion, a PE ratio of -39.90 and a beta of 0.81.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings data on Tuesday, July 28th. The oil and gas company reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.81). Precision Drilling had a positive return on equity of 2.11% and a negative net margin of 1.68%.The firm had revenue of $319.15 million for the quarter, compared to analysts’ expectations of $310.70 million. As a group, equities research analysts anticipate that Precision Drilling Corporation will post 4.73 earnings per share for the current year.

Hedge Funds Weigh In On Precision Drilling

Large investors have recently modified their holdings of the business. Group One Trading LLC purchased a new stake in shares of Precision Drilling in the first quarter valued at approximately $81,000. Plato Investment Management Ltd acquired a new position in Precision Drilling during the second quarter worth $190,000. Pictet Asset Management Holding SA purchased a new position in Precision Drilling in the first quarter worth $300,000. Amundi raised its position in Precision Drilling by 6.9% in the first quarter. Amundi now owns 3,095 shares of the oil and gas company’s stock worth $305,000 after acquiring an additional 201 shares in the last quarter. Finally, Aristides Capital LLC acquired a new stake in Precision Drilling in the fourth quarter valued at $225,000. 48.86% of the stock is owned by hedge funds and other institutional investors.

About Precision Drilling

Precision Drilling Corporation is a Canadian oilfield services company that provides contract drilling and well-servicing solutions to oil and natural gas exploration and production companies. The company is headquartered in Calgary, Alberta, and trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbol PDS.

Its primary business is contract drilling, including the provision of land-based drilling rigs, crews and related equipment used to construct oil and gas wells.