Precision Drilling (NYSE:PDS) Downgraded by StockNews.com to Hold

Precision Drilling (NYSE:PDS) (TSE:PD) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Monday.

Separately, TD Securities cut Precision Drilling from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd.

Precision Drilling Trading Up 2.3 %

Shares of PDS traded up $1.06 during midday trading on Monday, hitting $46.04. The stock had a trading volume of 105,352 shares, compared to its average volume of 71,120. The stock’s 50 day moving average is $54.03 and its 200 day moving average is $59.22. The firm has a market cap of $628.15 million, a PE ratio of 8.56 and a beta of 2.05. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.48 and a quick ratio of 1.35. Precision Drilling has a 1 year low of $43.00 and a 1 year high of $79.07.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings data on Wednesday, February 12th. The oil and gas company reported $0.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.40 by ($0.64). Precision Drilling had a return on equity of 6.72% and a net margin of 5.87%. As a group, analysts forecast that Precision Drilling will post 7.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Precision Drilling

Hedge funds have recently added to or reduced their stakes in the stock. National Bank of Canada FI boosted its holdings in shares of Precision Drilling by 0.5% in the fourth quarter. National Bank of Canada FI now owns 729,626 shares of the oil and gas company’s stock valued at $44,673,000 after purchasing an additional 3,342 shares during the period. Bank of Montreal Can raised its position in Precision Drilling by 28.0% during the 4th quarter. Bank of Montreal Can now owns 602,954 shares of the oil and gas company’s stock valued at $36,832,000 after purchasing an additional 131,843 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Precision Drilling by 33.3% in the 4th quarter. Bank of America Corp DE now owns 396,072 shares of the oil and gas company’s stock worth $24,188,000 after buying an additional 98,836 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Precision Drilling by 12.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 265,254 shares of the oil and gas company’s stock worth $16,198,000 after buying an additional 29,612 shares in the last quarter. Finally, Millennium Management LLC increased its stake in shares of Precision Drilling by 235.8% during the fourth quarter. Millennium Management LLC now owns 157,433 shares of the oil and gas company’s stock valued at $9,621,000 after buying an additional 110,546 shares during the period. 48.86% of the stock is currently owned by institutional investors.

About Precision Drilling

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.