Precision Drilling (NYSE:PDS) Shares Gap Down – Should You Sell?

Precision Drilling Corporation (NYSE:PDS) (TSE:PD)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $96.99, but opened at $93.56. Precision Drilling shares last traded at $96.23, with a volume of 19,160 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PDS shares. Loop Capital set a $122.00 price objective on shares of Precision Drilling in a research note on Monday, March 2nd. Royal Bank Of Canada lifted their price objective on shares of Precision Drilling from $124.00 to $140.00 and gave the company an “outperform” rating in a research note on Monday, March 23rd. Wall Street Zen lowered shares of Precision Drilling from a “buy” rating to a “hold” rating in a research note on Sunday, March 22nd. BMO Capital Markets restated an “outperform” rating on shares of Precision Drilling in a research report on Thursday, April 30th. Finally, TD Securities restated a “hold” rating on shares of Precision Drilling in a research report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Precision Drilling has a consensus rating of “Moderate Buy” and an average price target of $122.33.

Precision Drilling Price Performance

The business’s 50-day moving average price is $94.40 and its 200 day moving average price is $81.73. The stock has a market capitalization of $1.17 billion, a PE ratio of -95.83 and a beta of 0.79. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.52 and a current ratio of 1.70.

Institutional Trading of Precision Drilling

A number of hedge funds have recently made changes to their positions in the stock. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of 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 worth $607,000 after acquiring an additional 128 shares during the last quarter. Amova Asset Management Americas Inc. lifted its holdings in shares of Precision Drilling by 2.1% during the 1st quarter. Amova Asset Management Americas Inc. now owns 6,171 shares of the oil and gas company’s stock worth $606,000 after acquiring an additional 128 shares during the last quarter. State of Wyoming lifted its holdings in shares of Precision Drilling by 4.0% during the 4th quarter. State of Wyoming now owns 4,490 shares of the oil and gas company’s stock worth $323,000 after acquiring an additional 173 shares during the last quarter. SIR Capital Management L.P. lifted its holdings in shares of Precision Drilling by 0.4% during 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 acquiring an additional 200 shares during the last quarter. Finally, Amundi lifted 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 acquiring an additional 201 shares during the last quarter. 48.86% of the stock is 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.