Precision Drilling (NYSE:PDS) Trading Down 7.1% – What’s Next?

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) traded down 7.1% during mid-day trading on Thursday . The company traded as low as $90.77 and last traded at $94.5210. 56,393 shares were traded during mid-day trading, a decline of 56% from the average session volume of 129,486 shares. The stock had previously closed at $101.73.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Piper Sandler reiterated an “overweight” rating and issued a $105.00 target price (up from $81.00) on shares of Precision Drilling in a research note on Tuesday, February 17th. TD Securities reiterated a “hold” rating on shares of Precision Drilling in a research note on Thursday, February 12th. Loop Capital set a $122.00 target price on shares of Precision Drilling in a research note on Monday, March 2nd. Wall Street Zen cut shares of Precision Drilling from a “buy” rating to a “hold” rating in a research note on Sunday, March 22nd. Finally, BMO Capital Markets restated an “outperform” rating on shares of Precision Drilling in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Precision Drilling has an average rating of “Moderate Buy” and a consensus price target of $122.33.

Precision Drilling Price Performance

The stock’s 50-day moving average is $92.69 and its 200-day moving average is $76.92. The firm has a market cap of $1.21 billion, a P/E ratio of -240.63 and a beta of 0.96. The company has a quick ratio of 1.46, a current ratio of 1.62 and a debt-to-equity ratio of 0.43.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its earnings results on Wednesday, February 11th. The oil and gas company reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.26. Precision Drilling had a net margin of 0.05% and a return on equity of 4.12%. The business had revenue of $349.37 million for the quarter, compared to analyst estimates of $489.80 million. As a group, equities analysts anticipate that Precision Drilling Corporation will post 6.45 EPS for the current fiscal year.

Institutional Investors Weigh In On Precision Drilling

Several institutional investors and hedge funds have recently bought and sold shares of the business. Sumitomo Mitsui Trust Group Inc. increased its holdings in Precision Drilling by 2.1% in 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 buying an additional 128 shares during the period. Y Intercept Hong Kong Ltd increased its holdings in Precision Drilling by 298.5% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 11,396 shares of the oil and gas company’s stock valued at $1,121,000 after buying an additional 8,536 shares during the period. Equinox Partners Investment Management LLC increased its holdings in Precision Drilling by 116.6% in the 1st quarter. Equinox Partners Investment Management LLC now owns 65,211 shares of the oil and gas company’s stock valued at $6,415,000 after buying an additional 35,100 shares during the period. MQS Management LLC bought a new stake in Precision Drilling in the 1st quarter valued at $691,000. Finally, Janney Montgomery Scott LLC bought a new stake in Precision Drilling in the 1st quarter valued at $823,000. Institutional investors own 48.86% of the company’s stock.

About Precision Drilling

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.