Precision Drilling (NYSE:PDS) Cut to “Hold” at Freedom Broker

Freedom Broker cut shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a buy rating to a hold rating in a research note issued to investors on Friday morning,Benzinga reports. Freedom Broker currently has $121.00 target price on the oil and gas company’s stock, up from their prior target price of $116.00.

A number of other research analysts have also recently commented on PDS. National Bank Financial upgraded Precision Drilling from a “sector perform” rating to an “outperform” rating in a research note on Monday, October 26th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Precision Drilling in a research note on Friday, September 18th. Zacks Research upgraded Precision Drilling from a “strong sell” rating to a “hold” rating in a report on Monday, September 28th. BMO Capital Markets reissued an “outperform” rating on shares of Precision Drilling in a research report on Wednesday. Finally, TD Securities upgraded shares of Precision Drilling from a “hold” rating to a “buy” rating and boosted their target price for the company from $116.00 to $150.00 in a report on Tuesday, October 20th. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Precision Drilling presently has a consensus rating of “Moderate Buy” and an average price target of $127.60.

Precision Drilling Price Performance

Shares of NYSE PDS opened at $106.01 on Friday. Precision Drilling has a 1 year low of $56.10 and a 1 year high of $112.03. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.48 and a quick ratio of 1.32. The company’s 50-day moving average is $88.70 and its 200 day moving average is $87.75. The stock has a market capitalization of $1.33 billion, a P/E ratio of -196.31 and a beta of 0.95.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Hillsdale Investment Management Inc. grew its holdings in shares of Precision Drilling by 67.0% during the first quarter. Hillsdale Investment Management Inc. now owns 487,434 shares of the oil and gas company’s stock valued at $47,957,000 after buying an additional 195,598 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Precision Drilling by 37.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 288,013 shares of the oil and gas company’s stock worth $28,340,000 after acquiring an additional 77,775 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Precision Drilling by 24.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 373,936 shares of the oil and gas company’s stock worth $36,803,000 after acquiring an additional 73,084 shares during the last quarter. Bank of America Corp DE lifted its position in Precision Drilling by 129.5% in the 1st quarter. Bank of America Corp DE now owns 114,706 shares of the oil and gas company’s stock valued at $11,287,000 after acquiring an additional 64,735 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its position in Precision Drilling by 540.1% in the 1st quarter. Lazard Asset Management LLC now owns 25,392 shares of the oil and gas company’s stock valued at $2,499,000 after acquiring an additional 21,425 shares in the last quarter. 48.86% of the stock is owned by hedge funds and other institutional investors.

Precision Drilling Company Profile

Precision Drilling Corporation is an oilfield services company headquartered in Calgary, Alberta. The company provides contract drilling and related services to oil and natural gas exploration and production companies, with operations serving customers primarily in Canada and the United States as well as selected international markets.

Its Contract Drilling Services segment operates land-based drilling rigs and provides associated equipment, personnel and technical expertise. Precision also offers directional drilling and other technologies designed to support the construction of complex horizontal and extended-reach wells.

Through its Completion and Production Services business, the company provides well servicing, snubbing, rental equipment, camp and catering services, and other support activities used during well completion, maintenance and production.