Precision Drilling (NYSE:PDS) Lowered to “Strong Sell” Rating by Zacks Research

Zacks Research downgraded shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a hold rating to a strong sell rating in a report issued on Thursday morning,Zacks.com reports.

PDS has been the topic of several other reports. Piper Sandler reissued an “overweight” rating and issued a $81.00 price objective (up from $79.00) on shares of Precision Drilling in a research note on Thursday, December 18th. Royal Bank Of Canada lifted their target price on shares of Precision Drilling from $110.00 to $117.00 and gave the company an “outperform” rating in a report on Friday, October 24th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Precision Drilling in a research note on Friday, October 31st. Atb Cap Markets upgraded shares of Precision Drilling to a “strong-buy” rating in a research report on Thursday, October 30th. Finally, Wall Street Zen lowered Precision Drilling from a “buy” rating to a “hold” rating in a report on Sunday, October 26th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $99.00.

Precision Drilling Stock Up 2.4%

PDS opened at $73.63 on Thursday. Precision Drilling has a 52 week low of $36.20 and a 52 week high of $74.31. The business has a 50 day moving average price of $63.85 and a two-hundred day moving average price of $57.62. The company has a quick ratio of 1.42, a current ratio of 1.58 and a debt-to-equity ratio of 0.41. The company has a market cap of $955.80 million, a PE ratio of 27.37 and a beta of 0.97.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its earnings results on Wednesday, October 22nd. The oil and gas company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of $1.20 by ($1.57). Precision Drilling had a net margin of 3.17% and a return on equity of 3.44%. The company had revenue of $331.90 million during the quarter, compared to analysts’ expectations of $471.38 million. As a group, research analysts anticipate that Precision Drilling will post 7.1 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. National Bank of Canada FI lifted its position in shares of 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 valued at $41,265,000 after acquiring an additional 4,236 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in Precision Drilling by 24.9% during the third quarter. Arrowstreet Capital Limited Partnership now owns 483,937 shares of the oil and gas company’s stock worth $27,262,000 after purchasing an additional 96,339 shares during the last quarter. Aegis Financial Corp boosted its position 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 purchasing an additional 236,963 shares in the last quarter. Picton Mahoney Asset Management grew its holdings 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 valued at $13,851,000 after purchasing an additional 122,974 shares during the last quarter. Finally, Acadian Asset Management LLC purchased a new position in shares of Precision Drilling in the first quarter valued at $6,813,000. 48.86% of the stock is owned by hedge funds and other institutional investors.

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.