Precision Drilling Co. (NYSE:PDS) Receives Consensus Rating of “Buy” from Brokerages

Shares of Precision Drilling Co. (NYSE:PDS) (TSE:PD) have been assigned an average recommendation of “Buy” from the seventeen research firms that are currently covering the firm, MarketBeat Ratings reports. Eight research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $42.00.

Several brokerages have recently weighed in on PDS. Royal Bank of Canada boosted their price objective on shares of Precision Drilling from C$44.00 to C$50.00 and gave the stock an “outperform” rating in a research report on Thursday, June 3rd. National Bank Financial upgraded shares of Precision Drilling from a “sector perform” rating to an “outperform” rating in a research report on Thursday, April 15th. BMO Capital Markets restated a “buy” rating and set a $45.00 price objective on shares of Precision Drilling in a research report on Friday, April 23rd. CIBC downgraded shares of Precision Drilling from a “sector outperform” rating to a “neutral” rating and set a $60.00 price objective for the company. in a research report on Wednesday, July 14th. Finally, TD Securities downgraded shares of Precision Drilling from a “buy” rating to a “hold” rating in a research report on Monday, June 7th.

Precision Drilling stock traded up $0.67 during trading on Friday, reaching $34.96. The stock had a trading volume of 9,627 shares, compared to its average volume of 95,328. Precision Drilling has a 52-week low of $11.62 and a 52-week high of $44.52. The firm has a 50 day moving average of $36.39. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.84 and a current ratio of 1.99. The stock has a market capitalization of $464.97 million, a PE ratio of -3.95 and a beta of 3.16.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its quarterly earnings results on Wednesday, April 21st. The oil and gas company reported ($2.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.23) by ($0.47). Precision Drilling had a negative return on equity of 10.17% and a negative net margin of 18.92%. The firm had revenue of $236.47 million during the quarter, compared to analysts’ expectations of $229.39 million. The company’s quarterly revenue was down 37.7% compared to the same quarter last year. As a group, sell-side analysts expect that Precision Drilling will post -8.69 EPS for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. acquired a new position in Precision Drilling in the 1st quarter valued at $90,000. Greatmark Investment Partners Inc. acquired a new position in Precision Drilling in the 1st quarter valued at $1,181,000. Toronto Dominion Bank increased its stake in Precision Drilling by 10.6% in the 1st quarter. Toronto Dominion Bank now owns 7,019 shares of the oil and gas company’s stock valued at $152,000 after buying an additional 674 shares during the period. TD Asset Management Inc. acquired a new position in Precision Drilling in the 1st quarter valued at $270,000. Finally, Renaissance Technologies LLC acquired a new position in Precision Drilling in the 4th quarter valued at $3,236,000. 28.64% of the stock is currently owned by institutional investors.

About Precision Drilling

Precision Drilling Corporation, an oilfield services company, provides oil and natural gas drilling and related products and services in North America and the Middle East. The company operates in two segments, Contract Drilling Services, and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry.

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Analyst Recommendations for Precision Drilling (NYSE:PDS)

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