Precision Drilling Corporation (NYSE:PDS) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) have earned a consensus rating of “Moderate Buy” from the eight brokerages that are covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $122.3333.

PDS has been the topic of several recent analyst reports. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Precision Drilling in a research report on Friday, May 1st. Wall Street Zen downgraded Precision Drilling from a “buy” rating to a “hold” rating in a research report on Sunday. Zacks Research lowered Precision Drilling from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 1st. BMO Capital Markets reiterated an “outperform” rating on shares of Precision Drilling in a report on Thursday, April 30th. Finally, Weiss Ratings cut Precision Drilling from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, June 23rd.

Precision Drilling Stock Up 7.3%

PDS opened at $81.27 on Tuesday. Precision Drilling has a fifty-two week low of $52.53 and a fifty-two week high of $103.80. The firm has a market capitalization of $1.04 billion, a P/E ratio of -38.89 and a beta of 0.78. The company’s 50-day moving average is $83.06 and its 200 day moving average is $87.99. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.46 and a quick ratio of 1.29.

Institutional Investors Weigh In On Precision Drilling

Large investors have recently modified their holdings of the stock. Cubist Systematic Strategies LLC purchased a new position in Precision Drilling in the first quarter valued at approximately $45,000. Goldman Sachs Group Inc. increased its position in Precision Drilling by 28.4% in the first quarter. Goldman Sachs Group Inc. now owns 138,896 shares of the oil and gas company’s stock worth $6,475,000 after buying an additional 30,690 shares during the last quarter. Geode Capital Management LLC increased its position in Precision Drilling by 20.3% in the second quarter. Geode Capital Management LLC now owns 65,512 shares of the oil and gas company’s stock worth $3,095,000 after buying an additional 11,056 shares during the last quarter. Creative Planning bought a new stake in shares of Precision Drilling in the second quarter valued at $378,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Precision Drilling in the second quarter valued at $57,000. 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.