Precision Drilling (NYSE:PDS) Cut to “Sector Underperform” at Scotiabank

Scotiabank downgraded shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a sector perform rating to a sector underperform rating in a research report released on Wednesday morning, The Fly reports.

Several other research analysts have also weighed in on the company. ValuEngine raised Precision Drilling from a sell rating to a hold rating in a research report on Thursday, August 1st. Morgan Stanley cut their target price on Precision Drilling from $2.50 to $2.00 and set an overweight rating on the stock in a research report on Monday, October 7th. BMO Capital Markets set a $3.00 target price on Precision Drilling and gave the stock a buy rating in a research report on Tuesday, September 10th. TD Securities raised Precision Drilling to a buy rating in a research report on Wednesday, September 4th. Finally, Piper Jaffray Companies cut their target price on Precision Drilling from $2.50 to $2.00 and set an overweight rating on the stock in a research report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $2.31.

Shares of PDS traded down $0.01 during trading hours on Wednesday, hitting $1.05. The stock had a trading volume of 1,383,400 shares, compared to its average volume of 1,109,887. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.70 and a current ratio of 1.83. The firm has a market cap of $311.41 million, a P/E ratio of -4.04 and a beta of 2.30. The company’s fifty day simple moving average is $1.22 and its 200 day simple moving average is $1.72. Precision Drilling has a 12-month low of $1.00 and a 12-month high of $3.01.

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 consensus estimate of ($0.08) by $0.04. The business had revenue of $359.00 million for the quarter, compared to analyst estimates of $346.66 million. Precision Drilling had a negative return on equity of 2.67% and a negative net margin of 13.63%. The business’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period last year, the company posted ($0.16) EPS. As a group, sell-side analysts predict that Precision Drilling will post -0.13 earnings per share for the current fiscal year.

Large investors have recently added to or reduced their stakes in the business. Marshall Wace LLP purchased a new position in Precision Drilling in the first quarter valued at about $36,000. Investment House LLC purchased a new position in Precision Drilling in the second quarter valued at about $39,000. BlackRock Inc. raised its position in Precision Drilling by 53,250.8% in the second quarter. BlackRock Inc. now owns 31,477 shares of the oil and gas company’s stock valued at $59,000 after purchasing an additional 31,418 shares during the period. ARP Americas LP purchased a new position in Precision Drilling in the second quarter valued at about $71,000. Finally, D. E. Shaw & Co. Inc. raised its position in Precision Drilling by 363.2% in the second quarter. D. E. Shaw & Co. Inc. now owns 50,228 shares of the oil and gas company’s stock valued at $94,000 after purchasing an additional 39,385 shares during the period. 37.47% of the stock is currently owned by institutional investors.

Precision Drilling Company Profile

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.

See Also: Buy-Side Analysts

The Fly

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.