Precision Drilling (NYSE:PDS) Downgraded to Hold at Zacks Investment Research

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Zacks Investment Research lowered shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a buy rating to a hold rating in a research report sent to investors on Saturday, Zacks.com reports.

According to Zacks, “Precision Drilling Corporation is an oilfield services company. The Company provides contract drilling, well servicing and strategic support services to the oil and gas industry in North America and internationally. It provides land drilling, directional drilling, turnkey drilling, camp and catering services, procures and distributes oilfield supplies. It also offers service rigs for well completion and workover services, snubbing services and wastewater treatment services, tubulars, well control equipment, wellsite accommodations. Precision Drilling Corporation is headquartered in Calgary, Canada. “

Other equities research analysts also recently issued research reports about the stock. Piper Sandler increased their target price on shares of Precision Drilling from $0.30 to $0.60 and gave the stock a neutral rating in a research report on Thursday, May 28th. Morgan Stanley downgraded shares of Precision Drilling from an overweight rating to an equal weight rating in a research report on Monday, March 16th. ValuEngine upgraded shares of Precision Drilling from a hold rating to a buy rating in a research report on Friday, May 1st. Tudor Pickering reiterated a hold rating on shares of Precision Drilling in a research report on Wednesday, March 25th. Finally, Scotiabank lowered shares of Precision Drilling from a sector perform rating to an underperform rating in a research note on Monday, March 9th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $1.36.

Shares of NYSE:PDS opened at $0.74 on Friday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.90 and a current ratio of 2.04. The company has a market cap of $202.41 million, a PE ratio of -12.33 and a beta of 3.20. Precision Drilling has a 52 week low of $0.27 and a 52 week high of $2.08. The firm has a 50 day simple moving average of $0.67 and a 200 day simple moving average of $0.88.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its quarterly earnings results on Thursday, April 30th. The oil and gas company reported ($0.01) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.01. The business had revenue of $282.95 million during the quarter, compared to the consensus estimate of $262.25 million. Precision Drilling had a negative net margin of 1.59% and a negative return on equity of 0.47%. On average, equities analysts predict that Precision Drilling will post -0.38 earnings per share for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Marshall Wace LLP bought a new position in shares of Precision Drilling during the 1st quarter worth about $36,000. Swiss National Bank lifted its holdings in shares of Precision Drilling by 3.7% during the 4th quarter. Swiss National Bank now owns 564,200 shares of the oil and gas company’s stock worth $785,000 after acquiring an additional 19,900 shares during the period. Bank of Montreal Can lifted its holdings in shares of Precision Drilling by 11.8% during the 4th quarter. Bank of Montreal Can now owns 3,416,812 shares of the oil and gas company’s stock worth $4,784,000 after acquiring an additional 359,745 shares during the period. TD Asset Management Inc. lifted its holdings in shares of Precision Drilling by 22.1% during the 4th quarter. TD Asset Management Inc. now owns 975,328 shares of the oil and gas company’s stock worth $1,362,000 after acquiring an additional 176,432 shares during the period. Finally, Credit Suisse AG lifted its holdings in shares of Precision Drilling by 4.0% during the 4th quarter. Credit Suisse AG now owns 362,493 shares of the oil and gas company’s stock worth $508,000 after acquiring an additional 13,871 shares during the period. Institutional investors own 28.21% of the company’s stock.

Precision Drilling Company Profile

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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