Raymond James Reiterates Buy Rating for Precision Drilling (PDS)

Raymond James reissued their buy rating on shares of Precision Drilling (NYSE:PDS) (TSE:PD) in a research report report published on Tuesday.

Other analysts have also recently issued reports about the stock. Credit Suisse Group increased their price objective on shares of Precision Drilling from $3.80 to $3.90 and gave the stock a neutral rating in a research note on Friday, July 27th. Piper Jaffray Companies reissued a buy rating and issued a $5.25 price objective on shares of Precision Drilling in a research note on Tuesday, July 31st. Zacks Investment Research cut shares of Precision Drilling from a hold rating to a sell rating in a research note on Saturday, October 6th. TD Securities cut shares of Precision Drilling to a buy rating in a research note on Wednesday, September 5th. Finally, Canaccord Genuity reissued a hold rating on shares of Precision Drilling in a research note on Tuesday, October 16th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $4.58.

Shares of PDS stock opened at $2.43 on Tuesday. Precision Drilling has a 12 month low of $2.31 and a 12 month high of $4.14. The company has a market cap of $734.46 million, a price-to-earnings ratio of -8.68 and a beta of 1.87. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.85 and a quick ratio of 1.73.



Precision Drilling (NYSE:PDS) (TSE:PD) last announced its earnings results on Thursday, October 25th. The oil and gas company reported ($0.08) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.06) by ($0.02). Precision Drilling had a negative net margin of 9.77% and a negative return on equity of 6.59%. The business had revenue of $292.65 million for the quarter, compared to analysts’ expectations of $306.54 million. As a group, research analysts predict that Precision Drilling will post -0.25 earnings per share for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in PDS. JPMorgan Chase & Co. increased its stake in shares of Precision Drilling by 1,439.4% in the first quarter. JPMorgan Chase & Co. now owns 159,621 shares of the oil and gas company’s stock worth $443,000 after purchasing an additional 149,252 shares in the last quarter. Russell Investments Group Ltd. purchased a new stake in shares of Precision Drilling in the first quarter worth $2,446,000. Cubist Systematic Strategies LLC increased its stake in shares of Precision Drilling by 55.6% in the first quarter. Cubist Systematic Strategies LLC now owns 120,113 shares of the oil and gas company’s stock worth $333,000 after purchasing an additional 42,918 shares in the last quarter. Millennium Management LLC bought a new position in shares of Precision Drilling during the first quarter worth $3,062,000. Finally, Royal Bank of Canada boosted its position in shares of Precision Drilling by 36.7% during the first quarter. Royal Bank of Canada now owns 5,920,208 shares of the oil and gas company’s stock worth $16,400,000 after acquiring an additional 1,589,507 shares during the last quarter. 50.93% of the stock is owned by hedge funds and other institutional investors.

About Precision Drilling

Precision Drilling Corporation provides oil and natural gas drilling and related services and products. The company operates in two segments, Contract Drilling Services, and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry.

Featured Story: How to Use a Moving Average for Trading 

Analyst Recommendations for Precision Drilling (NYSE:PDS)

Receive News & Ratings for Precision Drilling Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Precision Drilling and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply