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TD Securities Upgrades Precision Drilling (NYSE:PDS) to Buy

By September 14, 2019 No Comments

Precision Drilling (NYSE:PDS) (TSE:PD) was upgraded by research analysts at TD Securities to a “buy” rating in a research report issued to clients and investors on Wednesday, September 4th, The Fly reports.

Several other research firms also recently commented on PDS. Canaccord Genuity reiterated a “buy” rating on shares of Precision Drilling in a research report on Friday, August 16th. Zacks Investment Research downgraded Precision Drilling from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Piper Jaffray Companies lowered their target price on Precision Drilling from $2.50 to $2.00 and set an “overweight” rating for the company in a report on Tuesday, July 30th. Raymond James reiterated a “buy” rating on shares of Precision Drilling in a report on Wednesday, June 5th. Finally, AltaCorp Capital reissued an “outperform” rating on shares of Precision Drilling in a research note on Thursday, June 20th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company. Precision Drilling currently has an average rating of “Buy” and an average price target of $2.56.

Shares of Precision Drilling stock traded up $0.01 during trading on Wednesday, hitting $1.37. 9,102 shares of the company were exchanged, compared to its average volume of 1,276,363. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.83 and a quick ratio of 1.70. The firm’s fifty day moving average price is $1.34 and its 200 day moving average price is $1.98. Precision Drilling has a 1-year low of $1.03 and a 1-year high of $3.85. The firm has a market capitalization of $402.48 million, a P/E ratio of -5.27 and a beta of 2.33.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings data on Thursday, July 25th. The oil and gas company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.04. The company had revenue of $359.00 million for the quarter, compared to analysts’ expectations of $346.66 million. Precision Drilling had a negative return on equity of 2.67% and a negative net margin of 13.63%. The business’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.16) EPS. As a group, equities research analysts anticipate that Precision Drilling will post -0.11 earnings per share for the current year.

A number of hedge funds have recently modified their holdings of the stock. Polar Asset Management Partners Inc. purchased a new stake in Precision Drilling during the 2nd quarter valued at about $302,000. Royal Bank of Canada raised its position in Precision Drilling by 5.7% during the 2nd quarter. Royal Bank of Canada now owns 6,578,697 shares of the oil and gas company’s stock valued at $12,433,000 after purchasing an additional 353,894 shares during the last quarter. UBS Asset Management Americas Inc. raised its position in Precision Drilling by 13.5% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 185,150 shares of the oil and gas company’s stock valued at $349,000 after purchasing an additional 22,000 shares during the last quarter. Citadel Advisors LLC raised its position in Precision Drilling by 188.8% during the 2nd quarter. Citadel Advisors LLC now owns 997,457 shares of the oil and gas company’s stock valued at $1,881,000 after purchasing an additional 652,092 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. raised its position in shares of Precision Drilling by 363.2% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 50,228 shares of the oil and gas company’s stock worth $94,000 after acquiring an additional 39,385 shares in the last quarter. Institutional investors own 37.53% of the company’s stock.

About Precision Drilling

Precision Drilling Corporation, an oilfield services company, provides oil and natural gas drilling and related services and products. 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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The Fly

Analyst Recommendations for Precision Drilling (NYSE:PDS)

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