Precision Drilling (NYSE:PDS) Cut to Hold at Wall Street Zen

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

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

Precision Drilling Stock Performance

Shares of NYSE PDS opened at $82.84 on Friday. The business’s 50-day simple moving average is $82.85 and its 200-day simple moving average is $88.03. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.29 and a current ratio of 1.46. Precision Drilling has a 52 week low of $52.53 and a 52 week high of $103.80. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of -39.64 and a beta of 0.78.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. FIL Ltd boosted its position in shares of Precision Drilling by 27,294.7% in the fourth quarter. FIL Ltd now owns 850,331 shares of the oil and gas company’s stock valued at $61,017,000 after acquiring an additional 847,227 shares during the period. National Bank of Canada FI increased its position in Precision Drilling by 0.6% during the third quarter. National Bank of Canada FI now owns 735,460 shares of the oil and gas company’s stock worth $41,265,000 after acquiring an additional 4,236 shares during the period. Aegis Financial Corp raised its stake in Precision Drilling by 11.4% during the 4th quarter. Aegis Financial Corp now owns 504,059 shares of the oil and gas company’s stock valued at $36,221,000 after purchasing an additional 51,700 shares during the last quarter. Hillsdale Investment Management Inc. raised its stake in Precision Drilling by 67.0% during the 1st quarter. Hillsdale Investment Management Inc. now owns 487,434 shares of the oil and gas company’s stock valued at $47,957,000 after purchasing an additional 195,598 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in Precision Drilling by 24.9% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 483,937 shares of the oil and gas company’s stock valued at $27,262,000 after purchasing an additional 96,339 shares during the period. 48.86% of the stock is owned by institutional investors.

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.