Precision Drilling (NYSE:PDS) Shares Gap Up to $1.65

Precision Drilling Corp (NYSE:PDS) (TSE:PD) shares gapped up prior to trading on Thursday . The stock had previously closed at $1.58, but opened at $1.65. Precision Drilling shares last traded at $1.72, with a volume of 2,240,297 shares traded.

Several brokerages have commented on PDS. BMO Capital Markets reiterated a “buy” rating on shares of Precision Drilling in a report on Friday, April 26th. Raymond James reiterated a “buy” rating on shares of Precision Drilling in a report on Friday, April 26th. ValuEngine upgraded shares of Precision Drilling from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Scotiabank reiterated a “sell” rating on shares of Precision Drilling in a report on Tuesday, March 19th. Finally, Zacks Investment Research upgraded shares of Precision Drilling from a “sell” rating to a “hold” rating in a report on Saturday, February 16th. Two analysts have rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company’s stock. Precision Drilling presently has an average rating of “Buy” and an average target price of $3.92.

The firm has a market capitalization of $505.30 million, a P/E ratio of -6.35 and a beta of 2.35. The company has a current ratio of 2.11, a quick ratio of 1.99 and a debt-to-equity ratio of 1.08.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. FMR LLC lifted its position in shares of Precision Drilling by 10.9% in the fourth quarter. FMR LLC now owns 22,033,635 shares of the oil and gas company’s stock worth $38,250,000 after purchasing an additional 2,158,932 shares in the last quarter. Letko Brosseau & Associates Inc. lifted its position in shares of Precision Drilling by 0.5% in the first quarter. Letko Brosseau & Associates Inc. now owns 13,804,245 shares of the oil and gas company’s stock worth $32,755,000 after purchasing an additional 67,810 shares in the last quarter. Mackenzie Financial Corp lifted its position in shares of Precision Drilling by 10.8% in the fourth quarter. Mackenzie Financial Corp now owns 10,121,690 shares of the oil and gas company’s stock worth $17,612,000 after purchasing an additional 985,422 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Precision Drilling by 3.1% in the third quarter. Vanguard Group Inc. now owns 7,265,717 shares of the oil and gas company’s stock worth $25,139,000 after purchasing an additional 220,935 shares in the last quarter. Finally, Fiera Capital Corp lifted its position in shares of Precision Drilling by 1.3% in the first quarter. Fiera Capital Corp now owns 6,203,750 shares of the oil and gas company’s stock worth $14,712,000 after purchasing an additional 80,300 shares in the last quarter. 43.37% of the stock is owned by institutional investors and hedge funds.

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About Precision Drilling (NYSE:PDS)

Precision Drilling Corporation, an oilfield services company, provides oil and natural gas drilling and related services and products. The company operates in two segments, Contract Drilling Services, and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry.

Further Reading: Sell-Side Analysts

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