Precision Drilling (NYSE:PDS) (TSE:PD) had its price target decreased by Credit Suisse Group from $3.90 to $3.00 in a research note released on Monday morning. Credit Suisse Group currently has a hold rating on the oil and gas company’s stock.
PDS has been the topic of several other reports. Morgan Stanley upgraded shares of Precision Drilling from an equal weight rating to an overweight rating and set a $4.25 target price on the stock in a research report on Thursday, July 12th. Scotiabank upgraded shares of Precision Drilling from an underperform rating to a sector perform rating in a research report on Friday, October 26th. Piper Jaffray Companies set a $6.00 target price on shares of Precision Drilling and gave the company a buy rating in a research report on Wednesday, October 3rd. Zacks Investment Research downgraded shares of Precision Drilling from a buy rating to a hold rating in a report on Tuesday, July 17th. Finally, Jefferies Financial Group set a $5.00 price target on shares of Precision Drilling and gave the company a buy rating in a report on Monday, July 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $4.40.
NYSE PDS traded down $0.03 during midday trading on Monday, hitting $2.42. The company had a trading volume of 15,945 shares, compared to its average volume of 1,583,767. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.85 and a quick ratio of 1.73. Precision Drilling has a fifty-two week low of $2.31 and a fifty-two week high of $4.14. The firm has a market capitalization of $708.01 million, a price-to-earnings ratio of -8.73 and a beta of 2.10.
Precision Drilling (NYSE:PDS) (TSE:PD) last issued its earnings results on Thursday, October 25th. The oil and gas company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.02). Precision Drilling had a negative net margin of 9.77% and a negative return on equity of 6.59%. The business had revenue of $292.65 million for the quarter, compared to analyst estimates of $306.54 million. As a group, sell-side analysts expect that Precision Drilling will post -0.27 earnings per share for the current fiscal year.
A number of hedge funds have recently made changes to their positions in PDS. JPMorgan Chase & Co. lifted its holdings in Precision Drilling by 1,439.4% during the 1st quarter. JPMorgan Chase & Co. now owns 159,621 shares of the oil and gas company’s stock valued at $443,000 after purchasing an additional 149,252 shares during the last quarter. Millennium Management LLC bought a new position in shares of Precision Drilling in the first quarter worth about $3,062,000. Acadian Asset Management LLC raised its stake in shares of Precision Drilling by 140.9% in the second quarter. Acadian Asset Management LLC now owns 307,200 shares of the oil and gas company’s stock worth $1,016,000 after acquiring an additional 179,700 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in shares of Precision Drilling by 112.1% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 59,537 shares of the oil and gas company’s stock worth $197,000 after acquiring an additional 31,461 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Precision Drilling by 52.9% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,109,816 shares of the oil and gas company’s stock worth $6,977,000 after acquiring an additional 730,166 shares during the last quarter. 50.90% of the stock is owned by hedge funds and other institutional investors.
Precision Drilling Company Profile
Precision Drilling Corporation provides oil and natural gas drilling and related services and products. The company operates in two segments, Contract Drilling Services, and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry.
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