Weiss Ratings Reaffirms "Hold (C)" Rating for Precision Drilling (NYSE:PDS)

Key Points

• Weiss Ratings has reaffirmed a "Hold (C)" rating for Precision Drilling, indicating that investors should maintain their current positions.
• Precision Drilling's stock price has experienced a slight decrease of 1.3%, trading at $56.93, while institutional investors own 48.86% of the company's stock.
• The company reported $0.77 earnings per share for the last quarter, significantly beating analysts' expectations, although revenue fell short of projections.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD's stock had its "hold (c)" rating reissued by stock analysts at Weiss Ratings in a research report issued to clients and investors on Wednesday,Weiss Ratings reports.

A number of other brokerages also recently issued reports on PDS. Zacks Research downgraded shares of Precision Drilling from a "strong-buy" rating to a "hold" rating in a report on Monday, September 15th. Piper Sandler reiterated an "overweight" rating and issued a $74.00 price target (up previously from $72.00) on shares of Precision Drilling in a report on Thursday, August 14th. Finally, Royal Bank Of Canada increased their price target on shares of Precision Drilling from $89.00 to $100.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $87.00.

Precision Drilling Stock Down 1.3%

Shares of Precision Drilling stock opened at $56.93 on Wednesday. The firm has a fifty day moving average of $56.50 and a two-hundred day moving average of $49.71. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.90 and a current ratio of 1.01. The company has a market cap of $750.34 million, a P/E ratio of 11.99 and a beta of 1.11. Precision Drilling has a one year low of $36.20 and a one year high of $67.35.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last announced its quarterly earnings results on Tuesday, July 29th. The oil and gas company reported $0.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.02) by $0.79. The business had revenue of $299.14 million during the quarter, compared to the consensus estimate of $435.47 million. Precision Drilling had a net margin of 5.67% and a return on equity of 6.21%. On average, analysts forecast that Precision Drilling will post 7.1 earnings per share for the current year.

Institutional Investors Weigh In On Precision Drilling

Several hedge funds have recently modified their holdings of PDS. Nuveen LLC acquired a new stake in shares of Precision Drilling in the first quarter worth approximately $22,637,000. Arrowstreet Capital Limited Partnership boosted its position in shares of Precision Drilling by 275.5% in the second quarter. Arrowstreet Capital Limited Partnership now owns 387,598 shares of the oil and gas company's stock worth $18,338,000 after acquiring an additional 284,384 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Precision Drilling in the first quarter worth approximately $6,813,000. Polar Asset Management Partners Inc. boosted its position in shares of Precision Drilling by 200.0% in the first quarter. Polar Asset Management Partners Inc. now owns 108,000 shares of the oil and gas company's stock worth $5,026,000 after acquiring an additional 72,000 shares during the last quarter. Finally, Aegis Financial Corp boosted its position in shares of Precision Drilling by 58.1% in the first quarter. Aegis Financial Corp now owns 195,505 shares of the oil and gas company's stock worth $9,089,000 after acquiring an additional 71,867 shares during the last quarter. 48.86% of the stock is owned by institutional investors and hedge funds.

Precision Drilling Company Profile

Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates through Contract Drilling Services and Completion and Production Services segments.

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