Precision Drilling (NYSE:PDS) Lowered to “Outperform” at Raymond James

Raymond James downgraded shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a strong-buy rating to an outperform rating in a research note published on Monday, The Fly reports. Raymond James also issued estimates for Precision Drilling’s FY2021 earnings at ($7.45) EPS and FY2022 earnings at ($2.04) EPS.

PDS has been the subject of a number of other research reports. National Bank Financial raised shares of Precision Drilling from a sector perform rating to an outperform rating in a report on Thursday, April 15th. Stifel Nicolaus increased their price objective on Precision Drilling from C$44.00 to C$53.00 and gave the company a buy rating in a report on Friday, June 4th. TD Securities downgraded Precision Drilling from a buy rating to a hold rating in a report on Monday. BMO Capital Markets reiterated a buy rating and issued a $45.00 price target on shares of Precision Drilling in a report on Friday, April 23rd. Finally, Royal Bank of Canada upped their price objective on shares of Precision Drilling from C$44.00 to C$50.00 and gave the company an outperform rating in a report on Thursday, June 3rd. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Precision Drilling has a consensus rating of Buy and a consensus price target of $35.10.

Shares of PDS stock opened at $37.31 on Monday. Precision Drilling has a 12-month low of $11.00 and a 12-month high of $39.88. The business’s fifty day simple moving average is $28.70. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.84 and a current ratio of 1.99. The firm has a market capitalization of $496.37 million, a P/E ratio of -4.43 and a beta of 3.13.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings results on Wednesday, April 21st. The oil and gas company reported ($2.70) EPS for the quarter, missing analysts’ consensus estimates of ($2.23) by ($0.47). The business had revenue of $236.47 million during the quarter, compared to analysts’ expectations of $229.39 million. Precision Drilling had a negative net margin of 18.92% and a negative return on equity of 10.17%. The company’s revenue was down 37.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Precision Drilling will post -8.59 earnings per share for the current year.

Several institutional investors have recently bought and sold shares of the company. Acadian Asset Management LLC lifted its position in shares of Precision Drilling by 20.2% during the 1st quarter. Acadian Asset Management LLC now owns 531,352 shares of the oil and gas company’s stock valued at $11,478,000 after buying an additional 89,400 shares in the last quarter. Mountain Lake Investment Management LLC lifted its holdings in Precision Drilling by 1.6% during the first quarter. Mountain Lake Investment Management LLC now owns 310,000 shares of the oil and gas company’s stock valued at $6,699,000 after purchasing an additional 5,000 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Precision Drilling by 13.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 225,130 shares of the oil and gas company’s stock valued at $4,866,000 after purchasing an additional 27,300 shares during the period. Scion Asset Management LLC purchased a new stake in shares of Precision Drilling during the first quarter worth about $4,813,000. Finally, PCJ Investment Counsel Ltd. acquired a new position in shares of Precision Drilling during the 1st quarter worth about $4,608,000. Institutional investors and hedge funds own 39.65% of the company’s stock.

About Precision Drilling

Precision Drilling Corporation, an oilfield services company, provides oil and natural gas drilling and related products and services in North America and the Middle East. 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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