Precision Drilling (NYSE:PDS) Downgraded by Wall Street Zen to “Hold”

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

Several other analysts have also issued reports on PDS. TD Securities restated a “hold” rating on shares of Precision Drilling in a research note on Friday, May 1st. BMO Capital Markets reiterated an “outperform” rating on shares of Precision Drilling in a research note on Thursday, April 30th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Precision Drilling in a report on Friday, May 1st. Weiss Ratings lowered Precision Drilling from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, June 23rd. Finally, Zacks Research downgraded shares of Precision Drilling from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $122.33.

Precision Drilling Trading Down 0.1%

NYSE:PDS opened at $75.65 on Friday. The company has a current ratio of 1.46, a quick ratio of 1.29 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $972.05 million, a PE ratio of -36.19 and a beta of 0.78. The firm’s 50 day moving average is $83.28 and its 200 day moving average is $87.93. Precision Drilling has a 12 month low of $52.53 and a 12 month high of $103.80.

Institutional Investors Weigh In On Precision Drilling

Several institutional investors have recently made changes to their positions in PDS. FIL Ltd grew its position in shares of Precision Drilling by 27,294.7% in the fourth quarter. FIL Ltd now owns 850,331 shares of the oil and gas company’s stock valued at $61,017,000 after purchasing an additional 847,227 shares in the last quarter. National Bank of Canada FI lifted its holdings in Precision Drilling by 0.6% during the 3rd quarter. National Bank of Canada FI now owns 735,460 shares of the oil and gas company’s stock worth $41,265,000 after purchasing an additional 4,236 shares in the last quarter. Aegis Financial Corp boosted its stake in Precision Drilling by 11.4% in the 4th quarter. Aegis Financial Corp now owns 504,059 shares of the oil and gas company’s stock worth $36,221,000 after purchasing an additional 51,700 shares during the period. Hillsdale Investment Management Inc. boosted its stake in Precision Drilling by 67.0% in the 1st quarter. Hillsdale Investment Management Inc. now owns 487,434 shares of the oil and gas company’s stock worth $47,957,000 after purchasing an additional 195,598 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Precision Drilling by 24.9% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 483,937 shares of the oil and gas company’s stock valued at $27,262,000 after buying an additional 96,339 shares in the last quarter. Hedge funds and other institutional investors 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.