Precision Drilling (NYSE:PDS) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a buy rating to a hold rating in a research note issued to investors on Saturday morning, Zacks.com reports.

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. “

Several other brokerages have also recently issued reports on PDS. Citigroup cut Precision Drilling from a buy rating to a neutral rating in a research report on Monday, September 30th. TD Securities upgraded Precision Drilling to a buy rating in a research report on Wednesday, September 4th. Piper Jaffray Companies dropped their price target 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. ValuEngine upgraded Precision Drilling from a sell rating to a hold rating in a research report on Thursday, August 1st. Finally, BMO Capital Markets set a $3.00 price target on Precision Drilling and gave the company a buy rating in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the company. Precision Drilling presently has an average rating of Buy and an average price target of $2.17.

Shares of PDS stock opened at $1.08 on Friday. The stock has a market capitalization of $317.94 million, a PE ratio of -4.15 and a beta of 2.34. Precision Drilling has a 52-week low of $1.00 and a 52-week high of $3.01. The stock’s 50-day moving average price is $1.11 and its 200 day moving average price is $1.57. The company has a quick ratio of 1.73, a current ratio of 1.85 and a debt-to-equity ratio of 1.01.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its quarterly earnings results on Thursday, October 24th. The oil and gas company reported ($0.01) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.03. The firm had revenue of $284.47 million for the quarter, compared to analysts’ expectations of $288.55 million. Precision Drilling had a negative return on equity of 0.99% and a negative net margin of 11.99%. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.10) EPS. Analysts expect that Precision Drilling will post -0.11 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Marshall Wace LLP acquired a new position in Precision Drilling during the 1st quarter worth approximately $36,000. Investment House LLC acquired a new position in Precision Drilling during the 2nd quarter worth approximately $39,000. BlackRock Inc. boosted its stake in shares of Precision Drilling by 53,250.8% during the 2nd quarter. BlackRock Inc. now owns 31,477 shares of the oil and gas company’s stock worth $59,000 after acquiring an additional 31,418 shares in the last quarter. ARP Americas LP purchased a new stake in shares of Precision Drilling during the 2nd quarter worth approximately $71,000. Finally, D. E. Shaw & Co. Inc. boosted its stake in shares of Precision Drilling by 363.2% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 50,228 shares of the oil and gas company’s stock worth $94,000 after acquiring an additional 39,385 shares in the last quarter. Institutional investors own 37.52% of the company’s stock.

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.

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