Precision Drilling (NYSE:PDS) Research Coverage Started at StockNews.com

StockNews.com assumed coverage on shares of Precision Drilling (NYSE:PDS – Get Rating) (TSE:PD) in a research note published on Thursday. The firm issued a buy rating on the oil and gas company’s stock.

A number of other analysts have also recently commented on the company. TheStreet cut Precision Drilling from a c- rating to a d rating in a research report on Wednesday, February 15th. BMO Capital Markets decreased their price target on Precision Drilling from C$175.00 to C$140.00 in a research note on Friday, February 10th. CIBC raised Precision Drilling from a neutral rating to a buy rating and set a $150.00 price target on the stock in a research note on Tuesday, January 17th. Raymond James decreased their price target on Precision Drilling from C$140.00 to C$135.00 in a research note on Monday, February 13th. Finally, Benchmark assumed coverage on Precision Drilling in a research note on Thursday, February 16th. They issued a hold rating on the stock. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Precision Drilling currently has an average rating of Moderate Buy and a consensus price target of $138.75.

Precision Drilling Trading Down 6.1 %

Precision Drilling stock opened at $45.22 on Thursday. The stock has a 50-day moving average price of $67.42 and a 200 day moving average price of $68.30. Precision Drilling has a 52 week low of $44.92 and a 52 week high of $87.36. The company has a current ratio of 1.15, a quick ratio of 1.06 and a debt-to-equity ratio of 0.88.

Hedge Funds Weigh In On Precision Drilling

Several hedge funds and other institutional investors have recently modified their holdings of PDS. National Bank of Canada FI lifted its stake in shares of Precision Drilling by 5,783.8% in the 4th quarter. National Bank of Canada FI now owns 547,130 shares of the oil and gas company’s stock valued at $41,902,000 after purchasing an additional 537,831 shares in the last quarter. Bank of Montreal Can lifted its stake in shares of Precision Drilling by 115.6% in the 3rd quarter. Bank of Montreal Can now owns 335,440 shares of the oil and gas company’s stock valued at $19,046,000 after purchasing an additional 179,865 shares in the last quarter. Driehaus Capital Management LLC lifted its position in Precision Drilling by 57.2% during the 4th quarter. Driehaus Capital Management LLC now owns 430,689 shares of the oil and gas company’s stock worth $32,989,000 after acquiring an additional 156,762 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Precision Drilling by 144.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 215,797 shares of the oil and gas company’s stock worth $16,527,000 after acquiring an additional 127,691 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in Precision Drilling by 39.4% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 433,341 shares of the oil and gas company’s stock worth $33,193,000 after acquiring an additional 122,386 shares in the last quarter. 45.22% of the stock is owned by institutional investors and hedge funds.

About Precision Drilling

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