Precision Drilling (NYSE:PDS) Shares Gap Down – Here’s Why

Shares of Precision Drilling Co. (NYSE:PDS) (TSE:PD) gapped down prior to trading on Wednesday . The stock had previously closed at $38.04, but opened at $36.30. Precision Drilling shares last traded at $37.78, with a volume of 56,445 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on PDS shares. TD Securities cut shares of Precision Drilling from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. StockNews.com downgraded Precision Drilling from a “buy” rating to a “hold” rating in a research report on Monday, March 24th. Finally, Raymond James cut Precision Drilling from a “strong-buy” rating to an “outperform” rating in a research report on Wednesday.

Precision Drilling Stock Performance

The company has a fifty day moving average price of $49.24 and a two-hundred day moving average price of $57.52. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.48 and a quick ratio of 1.35. The company has a market capitalization of $518.48 million, a P/E ratio of 7.11 and a beta of 1.53.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its earnings results on Wednesday, February 12th. The oil and gas company reported $0.76 earnings per share for the quarter, missing analysts’ consensus estimates of $1.40 by ($0.64). Precision Drilling had a return on equity of 6.72% and a net margin of 5.87%. Equities analysts forecast that Precision Drilling Co. will post 7.1 earnings per share for the current fiscal year.

Institutional Trading of Precision Drilling

A number of large investors have recently bought and sold shares of PDS. Jane Street Group LLC grew its holdings in Precision Drilling by 73.5% in the third quarter. Jane Street Group LLC now owns 16,440 shares of the oil and gas company’s stock worth $1,014,000 after purchasing an additional 6,967 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in shares of Precision Drilling in the 3rd quarter valued at about $361,000. Barclays PLC increased its position in Precision Drilling by 1,579.0% in the 3rd quarter. Barclays PLC now owns 3,358 shares of the oil and gas company’s stock valued at $207,000 after buying an additional 3,158 shares in the last quarter. Geode Capital Management LLC raised its stake in Precision Drilling by 6.6% during the 3rd quarter. Geode Capital Management LLC now owns 6,867 shares of the oil and gas company’s stock worth $425,000 after buying an additional 424 shares during the period. Finally, Sanctuary Advisors LLC boosted its holdings in Precision Drilling by 18.8% in the third quarter. Sanctuary Advisors LLC now owns 7,690 shares of the oil and gas company’s stock worth $510,000 after acquiring an additional 1,215 shares in the last quarter. 48.86% of the stock is currently owned by institutional investors and hedge funds.

Precision Drilling Company Profile

Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates through Contract Drilling Services and Completion and Production Services segments.