Precision Drilling (PDS) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a hold rating to a buy rating in a report released on Thursday morning. They currently have $3.50 target price on the oil and gas company’s stock.

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. “

A number of other brokerages have also commented on PDS. ValuEngine raised Precision Drilling from a strong sell rating to a sell rating in a report on Monday, October 2nd. TD Securities started coverage on Precision Drilling in a report on Monday, September 11th. They set a buy rating for the company. Deutsche Bank started coverage on Precision Drilling in a report on Tuesday, October 10th. They set a hold rating and a $4.00 price objective for the company. Scotiabank lowered Precision Drilling from a sector perform rating to an underperform rating in a report on Tuesday, November 7th. Finally, Piper Jaffray Companies set a $4.00 price objective on Precision Drilling and gave the stock a buy rating in a report on Sunday, October 29th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. Precision Drilling presently has an average rating of Hold and an average target price of $4.73.

Shares of Precision Drilling (NYSE:PDS) traded up $0.03 on Thursday, reaching $3.30. The company’s stock had a trading volume of 2,712,400 shares, compared to its average volume of 2,990,267. The company has a debt-to-equity ratio of 0.96, a current ratio of 2.22 and a quick ratio of 2.10. The company has a market cap of $967.95, a price-to-earnings ratio of -10.31 and a beta of 1.77. Precision Drilling has a 1 year low of $2.26 and a 1 year high of $6.14.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its quarterly earnings data on Friday, October 27th. The oil and gas company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. The firm had revenue of $314.50 million during the quarter, compared to analyst estimates of $320.36 million. Precision Drilling had a negative return on equity of 5.93% and a negative net margin of 9.45%. The company’s revenue for the quarter was up 47.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.16) EPS. analysts expect that Precision Drilling will post -0.3 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in the company. Swiss National Bank grew its holdings in shares of Precision Drilling by 2.2% in the second quarter. Swiss National Bank now owns 493,700 shares of the oil and gas company’s stock valued at $1,687,000 after acquiring an additional 10,800 shares in the last quarter. Guardian Capital Advisors LP grew its holdings in shares of Precision Drilling by 2.4% in the second quarter. Guardian Capital Advisors LP now owns 504,865 shares of the oil and gas company’s stock valued at $1,969,000 after acquiring an additional 11,985 shares in the last quarter. Pacad Investment Ltd. grew its holdings in shares of Precision Drilling by 81.2% in the second quarter. Pacad Investment Ltd. now owns 32,800 shares of the oil and gas company’s stock valued at $112,000 after acquiring an additional 14,700 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Precision Drilling by 200.1% in the second quarter. Tower Research Capital LLC TRC now owns 29,724 shares of the oil and gas company’s stock valued at $132,000 after acquiring an additional 19,819 shares in the last quarter. Finally, Sirios Capital Management L P grew its holdings in shares of Precision Drilling by 9.7% in the third quarter. Sirios Capital Management L P now owns 235,559 shares of the oil and gas company’s stock valued at $734,000 after acquiring an additional 20,889 shares in the last quarter. 49.23% of the stock is owned by institutional investors.

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Precision Drilling Company Profile

Precision Drilling Corporation (Precision) is an oilfield services company. The Company provides onshore drilling and completion and production services to exploration and production companies in the oil and natural gas industry. The Company operates through two segments: Contract Drilling Services, and Completion and Production Services.

Analyst Recommendations for Precision Drilling (NYSE:PDS)

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