Zacks Investment Research downgraded shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) from a hold rating to a sell rating in a report published on Friday.
According to Zacks, “Precision Drilling Corporation is an oilfield services company. The Company provides contract drilling, well servicing and strategic support services to the oil and gas industry in North America and internationally. It provides land drilling, directional drilling, turnkey drilling, camp and catering services, procures and distributes oilfield supplies. It also offers service rigs for well completion and workover services, snubbing services and wastewater treatment services, tubulars, well control equipment, wellsite accommodations. Precision Drilling Corporation is headquartered in Calgary, Canada. “
Other research analysts also recently issued reports about the company. UBS AG upgraded Precision Drilling Corporation from an outperform rating to a strong-buy rating in a research note on Thursday, July 6th. Cowen and Company restated a buy rating and issued a $5.00 price target on shares of Precision Drilling Corporation in a research note on Tuesday, July 11th. BidaskClub downgraded Precision Drilling Corporation from a sell rating to a strong sell rating in a research note on Wednesday. Piper Jaffray Companies downgraded Precision Drilling Corporation from an overweight rating to a neutral rating and decreased their price target for the company from $5.00 to $3.25 in a research note on Thursday, June 29th. Finally, Jefferies Group LLC set a $6.00 price target on Precision Drilling Corporation and gave the company a buy rating in a research note on Tuesday, June 6th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $6.35.
Shares of Precision Drilling Corporation (NYSE:PDS) traded down 3.80% during midday trading on Friday, hitting $3.04. The stock had a trading volume of 1,946,817 shares. Precision Drilling Corporation has a one year low of $2.89 and a one year high of $6.25. The company’s market capitalization is $891.44 million. The firm’s 50-day moving average is $3.30 and its 200 day moving average is $4.42.
Precision Drilling Corporation (NYSE:PDS) (TSE:PD) last posted its quarterly earnings data on Monday, April 24th. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.11) by $0.05. The business had revenue of $346.80 million during the quarter, compared to the consensus estimate of $345.06 million. Precision Drilling Corporation had a negative return on equity of 8.10% and a negative net margin of 16.02%. Precision Drilling Corporation’s quarterly revenue was up 14.9% on a year-over-year basis. During the same period last year, the company earned ($0.07) earnings per share. Equities analysts expect that Precision Drilling Corporation will post ($0.36) earnings per share for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in PDS. Envestnet Asset Management Inc. boosted its stake in Precision Drilling Corporation by 0.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 50,669 shares of the oil and gas company’s stock worth $276,000 after buying an additional 148 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Precision Drilling Corporation by 2.4% in the first quarter. Bank of New York Mellon Corp now owns 84,060 shares of the oil and gas company’s stock worth $396,000 after buying an additional 1,938 shares during the last quarter. Comerica Bank boosted its stake in Precision Drilling Corporation by 8.2% in the fourth quarter. Comerica Bank now owns 34,183 shares of the oil and gas company’s stock worth $186,000 after buying an additional 2,586 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Precision Drilling Corporation by 0.4% in the first quarter. Dimensional Fund Advisors LP now owns 598,357 shares of the oil and gas company’s stock worth $2,824,000 after buying an additional 2,600 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake in Precision Drilling Corporation by 0.8% in the first quarter. Legal & General Group Plc now owns 455,424 shares of the oil and gas company’s stock worth $2,146,000 after buying an additional 3,566 shares during the last quarter. 63.28% of the stock is owned by institutional investors.
Precision Drilling Corporation Company Profile
Precision Drilling Corporation (Precision) is an oilfield services company. The Company provides onshore drilling and completion and production services to exploration and production companies in the oil and natural gas industry. The Company operates through two segments: Contract Drilling Services, and Completion and Production Services.
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