Precision Drilling (NYSE:PDS) Stock Rating Raised to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Precision Drilling to “Buy” from “Hold.” Other analysts have also turned more positive, giving the stock a consensus “Moderate Buy” rating and an average price target of $129.25.
• Precision Drilling shares opened at $106.01, near their 52-week high of $112.03, after rising above both their 50-day and 200-day moving averages.
• The company’s latest quarterly results were mixed: revenue of $319.15 million exceeded estimates, but an EPS loss of $0.38 missed the consensus estimate by $0.81. Institutional investors own 48.86% of the stock.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD was upgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Saturday, Wall Street Zen reports.

Other equities research analysts have also issued research reports about the stock. National Bank Financial raised shares of Precision Drilling from a "sector perform" rating to an "outperform" rating in a report on Monday. TD Securities raised shares of Precision Drilling from a "hold" rating to a "buy" rating and raised their price target for the stock from $116.00 to $150.00 in a research note on Tuesday, October 20th. BMO Capital Markets reissued an "outperform" rating on shares of Precision Drilling in a research note on Wednesday. Weiss Ratings restated a "sell (d+)" rating on shares of Precision Drilling in a research report on Friday, September 18th. Finally, Zacks Research raised shares of Precision Drilling from a "strong sell" rating to a "hold" rating in a research note on Monday, September 28th. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $129.25.

Precision Drilling Stock Performance

NYSE PDS opened at $106.01 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.48 and a quick ratio of 1.29. The stock's 50 day simple moving average is $88.70 and its 200-day simple moving average is $87.75. The company has a market cap of $1.33 billion, a PE ratio of -196.31 and a beta of 0.95. Precision Drilling has a 1-year low of $56.10 and a 1-year high of $112.03.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last issued its quarterly earnings results on Tuesday, July 28th. The oil and gas company reported ($0.38) EPS for the quarter, missing the consensus estimate of $0.43 by ($0.81). Precision Drilling had a positive return on equity of 3.85% and a negative net margin of 0.24%. The firm had revenue of $319.15 million for the quarter, compared to analysts' expectations of $310.70 million. As a group, equities research analysts anticipate that Precision Drilling will post 4.91 EPS for the current fiscal year.

Institutional Trading of Precision Drilling

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Hillsdale Investment Management Inc. raised its stake in Precision Drilling by 67.0% during the first quarter. Hillsdale Investment Management Inc. now owns 487,434 shares of the oil and gas company's stock worth $47,957,000 after purchasing an additional 195,598 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in shares of Precision Drilling by 24.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 373,936 shares of the oil and gas company's stock valued at $36,803,000 after buying an additional 73,084 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Precision Drilling by 37.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 288,013 shares of the oil and gas company's stock valued at $28,340,000 after buying an additional 77,775 shares during the period. Bank of America Corp DE raised its position in shares of Precision Drilling by 129.5% during the 1st quarter. Bank of America Corp DE now owns 114,706 shares of the oil and gas company's stock valued at $11,287,000 after buying an additional 64,735 shares during the period. Finally, Lazard Asset Management LLC raised its position in shares of Precision Drilling by 540.1% during the 1st quarter. Lazard Asset Management LLC now owns 25,392 shares of the oil and gas company's stock valued at $2,499,000 after buying an additional 21,425 shares during the period. 48.86% of the stock is owned by institutional investors and hedge funds.

About Precision Drilling

Precision Drilling Corporation is an oilfield services company headquartered in Calgary, Alberta. The company provides contract drilling and related services to oil and natural gas exploration and production companies, with operations serving customers primarily in Canada and the United States as well as selected international markets.

Its Contract Drilling Services segment operates land-based drilling rigs and provides associated equipment, personnel and technical expertise. Precision also offers directional drilling and other technologies designed to support the construction of complex horizontal and extended-reach wells.

Through its Completion and Production Services business, the company provides well servicing, snubbing, rental equipment, camp and catering services, and other support activities used during well completion, maintenance and production.

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