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

Key Points

• Wall Street Zen upgraded Precision Drilling from “hold” to “buy,” while broader analyst sentiment remains “Moderate Buy” with an average price target of $122.33.
• Precision Drilling shares opened at $77.87, up 2.2%, with a market capitalization of approximately $1 billion and a 52-week range of $52.53 to $103.80.
• Institutional investors own 48.86% of the company’s stock, with several hedge funds recently initiating or increasing their positions.

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.

Several other equities analysts have also recently issued reports on PDS. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of Precision Drilling in a research note on Friday, May 1st. Zacks Research lowered Precision Drilling from a "hold" rating to a "strong sell" rating in a research note on Wednesday, July 1st. TD Securities reaffirmed a "hold" rating on shares of Precision Drilling in a research note on Friday, May 1st. BMO Capital Markets reiterated an "outperform" rating on shares of Precision Drilling in a report on Thursday, April 30th. Finally, Weiss Ratings downgraded shares of Precision Drilling from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday, June 23rd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $122.33.

Precision Drilling Stock Up 2.2%

Shares of NYSE:PDS opened at $77.87 on Friday. The stock's 50-day moving average is $84.83 and its 200 day moving average is $87.75. The company has a market cap of $1.00 billion, a PE ratio of -37.26 and a beta of 0.76. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.46 and a quick ratio of 1.52. Precision Drilling has a 1 year low of $52.53 and a 1 year high of $103.80.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PDS. Wolverine Asset Management LLC lifted its stake in shares of Precision Drilling by 112.9% in the 4th quarter. Wolverine Asset Management LLC now owns 802 shares of the oil and gas company's stock valued at $58,000 after purchasing an additional 7,000 shares during the period. Group One Trading LLC purchased a new stake in Precision Drilling in the first quarter worth $81,000. Quarry LP purchased a new stake in Precision Drilling in the third quarter worth $54,000. Cubist Systematic Strategies LLC purchased a new stake in Precision Drilling in the first quarter worth $45,000. Finally, US Bancorp DE raised its holdings in Precision Drilling by 52.3% in the third quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company's stock worth $67,000 after purchasing an additional 408 shares in the last quarter. Hedge funds and other institutional investors own 48.86% of the company's stock.

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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