Precision Drilling (NYSE:PDS) Stock Price Down 7.4% – Should You Sell?

Precision Drilling Corporation (NYSE:PDS) (TSE:PD)’s share price fell 7.4% during trading on Wednesday . The stock traded as low as $72.96 and last traded at $72.4570. 40,328 shares changed hands during trading, a decline of 66% from the average daily volume of 117,933 shares. The stock had previously closed at $78.27.

Wall Street Analysts Forecast Growth

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

Precision Drilling Stock Up 4.4%

The firm has a market cap of $981.17 million, a P/E ratio of -36.53 and a beta of 0.76. The business’s fifty day moving average price is $85.21 and its two-hundred day moving average price is $87.82. The company has a current ratio of 1.70, a quick ratio of 1.52 and a debt-to-equity ratio of 0.41.

Hedge Funds Weigh In On Precision Drilling

Several institutional investors have recently bought and sold shares of the stock. Sumitomo Mitsui Trust Group Inc. raised its stake in Precision Drilling by 2.1% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 6,171 shares of the oil and gas company’s stock valued at $607,000 after purchasing an additional 128 shares during the last quarter. Amova Asset Management Americas Inc. boosted its holdings in Precision Drilling by 2.1% in the 1st quarter. Amova Asset Management Americas Inc. now owns 6,171 shares of the oil and gas company’s stock valued at $606,000 after purchasing an additional 128 shares during the period. State of Wyoming grew its position in Precision Drilling by 4.0% in the 4th quarter. State of Wyoming now owns 4,490 shares of the oil and gas company’s stock worth $323,000 after purchasing an additional 173 shares during the last quarter. SIR Capital Management L.P. grew its position in Precision Drilling by 0.4% in the 4th quarter. SIR Capital Management L.P. now owns 56,178 shares of the oil and gas company’s stock worth $4,031,000 after purchasing an additional 200 shares during the last quarter. Finally, Amundi increased its holdings in shares of Precision Drilling by 6.9% during the 1st quarter. Amundi now owns 3,095 shares of the oil and gas company’s stock worth $305,000 after purchasing an additional 201 shares during the period. 48.86% of the stock is currently owned by institutional investors.

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.