Precision Drilling (NYSE:PDS) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a sell rating to a hold rating in a report published on Wednesday, 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. “

PDS has been the subject of several other reports. Stifel Nicolaus boosted their price objective on Precision Drilling from C$69.00 to C$71.00 and gave the stock a buy rating in a research note on Friday, October 22nd. TD Securities upgraded Precision Drilling from a hold rating to a buy rating in a research note on Thursday, December 9th. Evercore ISI upgraded Precision Drilling to a buy rating and set a $70.00 price objective for the company in a research note on Friday, October 15th. Piper Sandler upgraded Precision Drilling from a neutral rating to an overweight rating and boosted their price objective for the stock from $55.00 to $57.00 in a research note on Tuesday, December 21st. Finally, Royal Bank of Canada restated a buy rating and issued a C$66.00 price target on shares of Precision Drilling in a research report on Friday, October 8th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Precision Drilling presently has an average rating of Buy and an average target price of $55.91.

NYSE PDS opened at $44.86 on Wednesday. Precision Drilling has a twelve month low of $19.22 and a twelve month high of $50.42. The company has a quick ratio of 1.45, a current ratio of 1.57 and a debt-to-equity ratio of 0.93. The stock has a 50-day moving average of $36.03 and a 200 day moving average of $36.65.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings results on Wednesday, October 20th. The oil and gas company reported ($2.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.32) by ($1.56). The business had revenue of $253.80 million during the quarter, compared to analyst estimates of $277.66 million. Precision Drilling had a negative return on equity of 14.34% and a negative net margin of 21.12%. The business’s revenue for the quarter was up 54.0% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.60) EPS. Analysts predict that Precision Drilling will post -9.76 earnings per share for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Apis Capital Advisors LLC acquired a new stake in shares of Precision Drilling in the second quarter valued at $1,860,000. FMR LLC purchased a new position in Precision Drilling in the second quarter valued at $8,410,000. Cubist Systematic Strategies LLC purchased a new position in Precision Drilling in the second quarter valued at $931,000. SG Capital Management LLC increased its holdings in Precision Drilling by 109.5% in the third quarter. SG Capital Management LLC now owns 49,585 shares of the oil and gas company’s stock valued at $2,004,000 after buying an additional 25,920 shares during the last quarter. Finally, Beirne Wealth Consulting Services LLC increased its holdings in Precision Drilling by 3.7% in the third quarter. Beirne Wealth Consulting Services LLC now owns 16,805 shares of the oil and gas company’s stock valued at $679,000 after buying an additional 598 shares during the last quarter. Institutional investors and hedge funds own 41.15% of the company’s stock.

Precision Drilling Company Profile

Precision Drilling Corp. engages in the provision od onshore drilling, completion, and production services to the oil and natural gas industry. It operates through the following segments: Contract Drilling Services; and Completion and Production Services. The Contract Drilling Services segment includes drilling rigs, directional drilling, procurement and distribution of oilfield supplies, and the manufacture, sale, and repair of drilling equipment.

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