Precision Drilling (NYSE:PDS) Shares Down 4.3% - Here's What Happened

Key Points

• Precision Drilling shares fell 4.3% to about $83.92 in mid-day trading, with volume down 92% from the average session level.
• Analyst sentiment has weakened, with several firms downgrading the stock; however, the consensus remains “Moderate Buy” with an average price target of $122.33.
• The company reported a quarterly EPS loss of $0.38, missing estimates by $0.81, though revenue of $319.15 million exceeded consensus expectations of $310.70 million.

Precision Drilling Corporation (NYSE:PDS - Get Free Report) TSE: PD shares were down 4.3% during mid-day trading on Monday . The stock traded as low as $84.63 and last traded at $83.9170. 9,272 shares were traded during mid-day trading, a decline of 92% from the average session volume of 117,950 shares. The stock had previously closed at $87.65.

Wall Street Analysts Forecast Growth

PDS has been the subject of a number of research reports. Weiss Ratings lowered Precision Drilling from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday, June 23rd. Zacks Research lowered shares of Precision Drilling from a "hold" rating to a "strong sell" rating in a report on Wednesday, July 1st. Finally, Wall Street Zen cut shares of Precision Drilling from a "buy" rating to a "hold" rating in a research report on Sunday, August 9th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $122.33.

Precision Drilling Stock Performance

The firm has a fifty day moving average of $85.05 and a 200-day moving average of $88.87. The firm has a market cap of $1.05 billion, a P/E ratio of -39.95 and a beta of 0.81. 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 (NYSE:PDS - Get Free Report) TSE: PD last announced its quarterly earnings data on Tuesday, July 28th. The oil and gas company reported ($0.38) earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.81). Precision Drilling had a positive return on equity of 2.11% and a negative net margin of 1.68%.The firm had revenue of $319.15 million for the quarter, compared to the consensus estimate of $310.70 million. Research analysts predict that Precision Drilling Corporation will post 4.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Precision Drilling

Large investors have recently bought and sold shares of the business. Group One Trading LLC bought a new stake in shares of Precision Drilling during the 1st quarter valued at $81,000. Plato Investment Management Ltd acquired a new stake in shares of Precision Drilling during the second quarter worth $190,000. Pictet Asset Management Holding SA bought a new stake in Precision Drilling in the first quarter valued at about $300,000. Amundi increased its holdings in Precision Drilling by 6.9% in the first 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 last quarter. Finally, Aristides Capital LLC acquired a new position in Precision Drilling in the fourth quarter valued at about $225,000. 48.86% of the stock is currently owned by institutional investors and hedge funds.

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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