Precision Drilling Corporation (NYSE:PDS) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Analysts have a “Moderate Buy” consensus on Precision Drilling, with four buys, one strong buy, one hold and two sell ratings. The average 12-month price target is $122.33.
• Precision Drilling reported quarterly EPS of -$0.38, missing the $0.43 consensus estimate, though revenue of $319.15 million exceeded expectations of $310.70 million.
• PDS shares opened at $83.39, versus a 52-week range of $53.42 to $103.80, while institutional investors and hedge funds own approximately 48.86% of the company.

Shares of Precision Drilling Corporation (NYSE:PDS - Get Free Report) TSE: PD have received a consensus rating of "Moderate Buy" from the eight analysts that are presently covering the company, Marketbeat reports. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $122.3333.

Several research analysts have weighed in on the stock. Wall Street Zen lowered shares of Precision Drilling from a "buy" rating to a "hold" rating in a research note on Sunday, August 9th. Zacks Research cut shares of Precision Drilling from a "hold" rating to a "strong sell" rating in a research report on Wednesday, July 1st. Finally, Weiss Ratings reiterated a "sell (d+)" rating on shares of Precision Drilling in a report on Friday.

Precision Drilling Price Performance

PDS stock opened at $83.39 on Wednesday. Precision Drilling has a 52-week low of $53.42 and a 52-week high of $103.80. The company has a quick ratio of 1.29, a current ratio of 1.46 and a debt-to-equity ratio of 0.39. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of -39.90 and a beta of 0.81. The business has a fifty day moving average of $85.08 and a two-hundred day moving average of $88.81.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last announced 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). The business had revenue of $319.15 million during the quarter, compared to analyst estimates of $310.70 million. Precision Drilling had a negative net margin of 1.68% and a positive return on equity of 2.11%. As a group, research analysts anticipate that Precision Drilling will post 4.73 earnings per share for the current year.

Hedge Funds Weigh In On Precision Drilling

Several hedge funds have recently bought and sold shares of PDS. Group One Trading LLC acquired a new position in shares of Precision Drilling in the first quarter valued at approximately $81,000. Plato Investment Management Ltd acquired a new stake in Precision Drilling during the 2nd quarter worth approximately $190,000. Aristides Capital LLC acquired a new stake in Precision Drilling during the 4th quarter worth approximately $225,000. Spark Investment Management LLC acquired a new stake in Precision Drilling during the 4th quarter worth approximately $287,000. Finally, Pictet Asset Management Holding SA purchased a new position in Precision Drilling in the 1st quarter valued at approximately $300,000. Institutional investors and hedge funds own 48.86% of the company's stock.

About Precision Drilling

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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