Precision Drilling Corporation (NYSE:PDS) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Precision Drilling has a consensus analyst rating of “Moderate Buy” from eight brokerages, with an average 1-year price target of $122.33.
• Recent analyst moves were mixed: BMO Capital Markets and CIBC reaffirmed outperform, while TD Securities kept a hold and both Zacks Research and Weiss Ratings issued downgrades.
• The stock last traded at $80.52, below its recent average prices, and the company has a market cap of about $1.04 billion with institutional investors holding 48.86% of shares.

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

A number of equities analysts recently commented on the company. BMO Capital Markets reaffirmed an "outperform" rating on shares of Precision Drilling in a research note on Thursday, April 30th. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of Precision Drilling in a research report on Friday, May 1st. TD Securities restated a "hold" rating on shares of Precision Drilling in a report on Friday, May 1st. Zacks Research downgraded shares of Precision Drilling from a "hold" rating to a "strong sell" rating in a research report on Wednesday, July 1st. Finally, Weiss Ratings lowered shares of Precision Drilling from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday, June 23rd.

Hedge Funds Weigh In On Precision Drilling

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE grew its holdings in 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 worth $11,287,000 after acquiring an additional 64,735 shares during the period. Amundi lifted its stake in shares of Precision Drilling by 6.9% in the 1st quarter. Amundi now owns 3,095 shares of the oil and gas company's stock valued at $305,000 after purchasing an additional 201 shares during the period. Lazard Asset Management LLC lifted its stake in shares of Precision Drilling by 540.1% in 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 purchasing an additional 21,425 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in shares of Precision Drilling by 24.3% during 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 purchasing an additional 73,084 shares in the last quarter. Finally, Group One Trading LLC bought a new stake in shares of Precision Drilling during the 1st quarter valued at about $81,000. Institutional investors and hedge funds own 48.86% of the company's stock.

Precision Drilling Stock Down 0.9%

Shares of PDS opened at $80.52 on Friday. The stock's 50-day moving average price is $89.11 and its two-hundred day moving average price is $86.68. Precision Drilling has a 12 month low of $48.59 and a 12 month high of $103.80. The company has a market capitalization of $1.04 billion, a PE ratio of -85.66 and a beta of 0.76. The company has a current ratio of 1.70, a quick ratio of 1.52 and a debt-to-equity ratio of 0.41.

Precision Drilling Company Profile

Precision Drilling Corporation NYSE: PDS is a Calgary, Alberta–based oilfield services company that has provided drilling solutions since its founding in 1951. With more than seven decades of industry experience, the company delivers contract drilling services, directional and horizontal drilling, well servicing, and a suite of specialized equipment designed to meet the evolving needs of exploration and production companies worldwide.

The company's core business activities include operating a fleet of onshore drilling rigs, offering managed pressure drilling, measurement-while-drilling (MWD) and logging-while-drilling (LWD) services, and providing completion and workover rigs.

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