Precision Drilling (NYSE:PDS) Upgraded to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded Precision Drilling from “strong sell” to “hold,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $122.33.
• Precision Drilling shares opened at $79.18, down 1.5%, and remain below their 50-day and 200-day moving averages; the stock has traded between $53.42 and $103.80 over the past year.
• The company missed quarterly EPS expectations, reporting a loss of $0.38 per share versus the expected $0.43 profit, although revenue of $319.15 million exceeded estimates. Institutional investors own approximately 48.86% of the stock.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD was upgraded by Zacks Research from a "strong sell" rating to a "hold" rating in a report released on Monday, Zacks reports.

Several other brokerages also recently issued reports on PDS. Weiss Ratings reiterated a "sell (d+)" rating on shares of Precision Drilling in a report on Friday, September 18th. Wall Street Zen cut Precision Drilling from a "buy" rating to a "hold" rating in a research note on Sunday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $122.33.

Precision Drilling Trading Down 1.5%

Shares of PDS stock opened at $79.18 on Monday. The company has a quick ratio of 1.29, a current ratio of 1.46 and a debt-to-equity ratio of 0.39. Precision Drilling has a fifty-two week low of $53.42 and a fifty-two week high of $103.80. The firm's 50 day moving average price is $84.94 and its two-hundred day moving average price is $88.48. The stock has a market cap of $996.59 million, a price-to-earnings ratio of -37.88 and a beta of 0.81.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last released its quarterly earnings data on Tuesday, July 28th. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.81). The business had revenue of $319.15 million during the quarter, compared to analyst estimates of $310.70 million. Precision Drilling had a positive return on equity of 2.11% and a negative net margin of 1.68%. On average, analysts anticipate that Precision Drilling will post 4.73 EPS for the current year.

Institutional Investors Weigh In On Precision Drilling

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PDS. Group One Trading LLC purchased a new position in Precision Drilling in the 1st quarter valued at about $81,000. Plato Investment Management Ltd purchased a new stake in shares of Precision Drilling during the second quarter worth about $190,000. Pictet Asset Management Holding SA purchased a new stake in shares of Precision Drilling during the first quarter worth about $300,000. Amundi lifted its stake in shares of Precision Drilling by 6.9% in the first quarter. Amundi now owns 3,095 shares of the oil and gas company's stock worth $305,000 after acquiring an additional 201 shares in the last quarter. Finally, Aristides Capital LLC acquired a new position in shares of Precision Drilling in the fourth quarter worth about $225,000. Hedge funds and other institutional investors own 48.86% of the company's stock.

Precision Drilling Company Profile

Precision Drilling Corporation is a Canadian oilfield services company that provides contract drilling and well-servicing solutions to oil and natural gas exploration and production companies. The company is headquartered in Calgary, Alberta, and trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbol PDS.

Its primary business is contract drilling, including the provision of land-based drilling rigs, crews and related equipment used to construct oil and gas wells.

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