Precision Drilling (NYSE:PDS) Shares Gap Down – Here’s What Happened

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) gapped down before the market opened on Thursday . The stock had previously closed at $89.47, but opened at $87.01. Precision Drilling shares last traded at $87.8210, with a volume of 4,097 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Weiss Ratings cut shares of Precision Drilling from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, June 23rd. Wall Street Zen lowered shares of Precision Drilling from a “buy” rating to a “hold” rating in a research note on Sunday, August 9th. Finally, Zacks Research downgraded Precision Drilling from a “hold” rating to a “strong sell” rating in a research 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 issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $122.33.

Precision Drilling Stock Performance

The firm’s 50-day simple moving average is $84.77 and its two-hundred day simple moving average is $88.87. 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 $1.10 billion, a PE ratio of -41.65 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) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $319.15 million during the quarter, compared to analysts’ expectations of $310.70 million. On average, equities research analysts expect that Precision Drilling Corporation will post 4.62 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Precision Drilling

Several institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE raised its holdings in shares of Precision Drilling by 129.5% in the first quarter. Bank of America Corp DE now owns 114,706 shares of the oil and gas company’s stock valued at $11,287,000 after buying an additional 64,735 shares during the last quarter. Lazard Asset Management LLC grew its holdings in Precision Drilling by 540.1% during the 1st quarter. Lazard Asset Management LLC now owns 25,392 shares of the oil and gas company’s stock worth $2,499,000 after acquiring an additional 21,425 shares during the last quarter. Hillsdale Investment Management Inc. increased its position 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 valued at $47,957,000 after acquiring an additional 195,598 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Precision Drilling by 37.0% in the first quarter. Dimensional Fund Advisors LP now owns 288,013 shares of the oil and gas company’s stock worth $28,340,000 after acquiring an additional 77,775 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Precision Drilling by 11,668,900.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 116,690 shares of the oil and gas company’s stock worth $8,388,000 after acquiring an additional 116,689 shares during the last quarter. Institutional investors and hedge funds own 48.86% of the company’s stock.

Precision Drilling Company Profile

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.