Precision Drilling (NYSE:PDS) Upgraded by Wall Street Zen to Buy Rating

Wall Street Zen upgraded shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a hold rating to a buy rating in a report issued on Saturday.

A number of other equities analysts have also issued reports on PDS. TD Securities reissued a “hold” rating on shares of Precision Drilling in a report on Friday, May 1st. BMO Capital Markets reaffirmed an “outperform” rating on shares of Precision Drilling in a research report on Thursday, April 30th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Precision Drilling in a research note on Friday, May 1st. Zacks Research lowered Precision Drilling from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 1st. Finally, Weiss Ratings cut Precision Drilling from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, June 23rd. One equities 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $122.33.

Precision Drilling Trading Up 2.2%

NYSE PDS opened at $77.87 on Friday. The firm’s fifty day moving average is $84.83 and its two-hundred day moving average is $87.75. Precision Drilling has a one year low of $52.53 and a one year high of $103.80. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.52 and a current ratio of 1.46. The firm has a market cap of $1.00 billion, a PE ratio of -37.26 and a beta of 0.76.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Cubist Systematic Strategies LLC purchased a new position in Precision Drilling in the first quarter worth $45,000. Quarry LP acquired a new position in shares of Precision Drilling during the 3rd quarter worth $54,000. Raymond James Financial Inc. acquired a new position in shares of Precision Drilling during the 2nd quarter worth $57,000. Wolverine Asset Management LLC increased its holdings in shares of Precision Drilling by 112.9% in the 4th quarter. Wolverine Asset Management LLC now owns 802 shares of the oil and gas company’s stock valued at $58,000 after purchasing an additional 7,000 shares in the last quarter. Finally, US Bancorp DE increased its holdings in shares of Precision Drilling by 52.3% in the 3rd quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock valued at $67,000 after purchasing an additional 408 shares in the last quarter. Institutional investors and hedge funds own 48.86% of the company’s stock.

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.