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

Precision Drilling Corporation (NYSE:PDS) (TSE:PD)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $95.87, but opened at $90.33. Precision Drilling shares last traded at $91.3040, with a volume of 18,071 shares changing hands.

Analyst Upgrades and Downgrades

PDS has been the subject of several recent research reports. Weiss Ratings raised Precision Drilling from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, June 5th. Wall Street Zen lowered Precision Drilling from a “buy” rating to a “hold” rating in a report on Sunday, March 22nd. Loop Capital set a $122.00 price target on Precision Drilling in a report on Monday, March 2nd. Royal Bank Of Canada boosted their price target on Precision Drilling from $124.00 to $140.00 and gave the company an “outperform” rating in a report on Monday, March 23rd. Finally, TD Securities reissued a “hold” rating on shares of Precision Drilling in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Precision Drilling presently has an average rating of “Moderate Buy” and an average target price of $122.33.

Precision Drilling Stock Performance

The business has a 50 day moving average of $93.36 and a 200 day moving average of $84.79. The company has a market capitalization of $1.15 billion, a P/E ratio of -94.80 and a beta of 0.76. The company has a quick ratio of 1.52, a current ratio of 1.70 and a debt-to-equity ratio of 0.41.

Hedge Funds Weigh In On Precision Drilling

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. boosted its stake in Precision Drilling by 2.1% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 6,171 shares of the oil and gas company’s stock valued at $607,000 after buying an additional 128 shares during the last quarter. Amova Asset Management Americas Inc. boosted its stake in Precision Drilling by 2.1% during the first quarter. Amova Asset Management Americas Inc. now owns 6,171 shares of the oil and gas company’s stock valued at $606,000 after buying an additional 128 shares during the last quarter. State of Wyoming raised its position in Precision Drilling by 4.0% during the fourth quarter. State of Wyoming now owns 4,490 shares of the oil and gas company’s stock valued at $323,000 after purchasing an additional 173 shares during the period. SIR Capital Management L.P. raised its position in Precision Drilling by 0.4% during the fourth quarter. SIR Capital Management L.P. now owns 56,178 shares of the oil and gas company’s stock valued at $4,031,000 after purchasing an additional 200 shares during the period. Finally, Amundi raised its position in Precision Drilling by 6.9% during the first quarter. Amundi now owns 3,095 shares of the oil and gas company’s stock valued at $305,000 after purchasing an additional 201 shares during the period. 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.