Wall Street Zen Downgrades Precision Drilling (NYSE:PDS) to Hold

Precision Drilling (NYSE:PDS) (TSE:PD) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Sunday.

PDS has been the topic of several other reports. TD Securities reiterated a “hold” rating on shares of Precision Drilling in a report on Friday, May 1st. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Precision Drilling in a research report on Friday, May 1st. Zacks Research cut Precision Drilling from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 1st. Weiss Ratings downgraded Precision Drilling from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, June 23rd. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Precision Drilling in a research note on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $122.33.

Precision Drilling Trading Up 7.3%

PDS stock opened at $81.27 on Friday. The company has a quick ratio of 1.29, a current ratio of 1.46 and a debt-to-equity ratio of 0.39. Precision Drilling has a twelve month low of $52.53 and a twelve month high of $103.80. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of -38.89 and a beta of 0.78. The firm’s fifty day simple moving average is $83.06 and its two-hundred day simple moving average is $87.99.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Cubist Systematic Strategies LLC bought a new position in Precision Drilling in the first quarter worth approximately $45,000. Quarry LP bought a new stake in Precision Drilling during the 3rd quarter valued at $54,000. Raymond James Financial Inc. purchased a new position in shares of Precision Drilling in the 2nd quarter valued at $57,000. Wolverine Asset Management LLC increased its holdings in shares of Precision Drilling by 112.9% in the 4th quarter. Wolverine Asset Management LLC now owns 802 shares of the oil and gas company’s stock valued at $58,000 after acquiring an additional 7,000 shares during the period. Finally, US Bancorp DE raised its position in shares of Precision Drilling by 52.3% in the 3rd quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock worth $67,000 after acquiring an additional 408 shares in the last quarter. Hedge funds and other institutional investors own 48.86% of the company’s stock.

About Precision Drilling

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.