Precision Drilling (NYSE:PDS) Trading Up 7.8%

Precision Drilling Corp (NYSE:PDS) (TSE:PD) was up 7.8% during mid-day trading on Monday . The company traded as high as $1.57 and last traded at $1.52, approximately 2,013,529 shares were traded during mid-day trading. An increase of 77% from the average daily volume of 1,140,679 shares. The stock had previously closed at $1.41.

A number of analysts have recently issued reports on PDS shares. TD Securities upgraded shares of Precision Drilling to a “buy” rating in a report on Wednesday, September 4th. Morgan Stanley lowered their price objective on shares of Precision Drilling from $3.50 to $3.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. AltaCorp Capital reiterated an “outperform” rating on shares of Precision Drilling in a report on Thursday, June 20th. BMO Capital Markets set a $3.00 price objective on shares of Precision Drilling and gave the company a “buy” rating in a report on Tuesday, September 10th. Finally, Zacks Investment Research downgraded shares of Precision Drilling from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company. Precision Drilling currently has a consensus rating of “Buy” and an average price target of $2.56.

The firm has a market capitalization of $409.82 million, a price-to-earnings ratio of -5.27 and a beta of 2.34. The stock’s fifty day moving average is $1.32 and its two-hundred day moving average is $1.95. The company has a quick ratio of 1.70, a current ratio of 1.83 and a debt-to-equity ratio of 1.01.



Precision Drilling (NYSE:PDS) (TSE:PD) last issued its earnings results on Thursday, July 25th. The oil and gas company reported ($0.04) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.08) by $0.04. The business had revenue of $359.00 million for the quarter, compared to the consensus estimate of $346.66 million. Precision Drilling had a negative net margin of 13.63% and a negative return on equity of 2.67%. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the previous year, the company earned ($0.16) earnings per share. As a group, analysts anticipate that Precision Drilling Corp will post -0.11 EPS for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of PDS. Marshall Wace LLP bought a new position in Precision Drilling during the first quarter worth $36,000. Investment House LLC bought a new position in Precision Drilling during the second quarter worth $39,000. Evergreen Capital Management LLC bought a new position in Precision Drilling during the first quarter worth $54,000. BlackRock Inc. boosted its position in Precision Drilling by 53,250.8% during the second quarter. BlackRock Inc. now owns 31,477 shares of the oil and gas company’s stock worth $59,000 after purchasing an additional 31,418 shares during the period. Finally, ARP Americas LP bought a new position in Precision Drilling during the second quarter worth $71,000. Institutional investors and hedge funds own 37.47% of the company’s stock.

About Precision Drilling (NYSE:PDS)

Precision Drilling Corporation, an oilfield services company, 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.

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