Precision Drilling (NYSE:PDS) Rating Increased to Buy at Zacks Investment Research

Precision Drilling (NYSE:PDS) (TSE:PD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday, Zacks.com reports. The firm currently has a $1.25 target price on the oil and gas company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 9.65% from the company’s previous close.

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 equities analysts have also recently commented on the stock. BMO Capital Markets set a $3.00 target price on shares of Precision Drilling and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Canaccord Genuity restated a “buy” rating on shares of Precision Drilling in a research report on Friday, August 16th. Citigroup cut shares of Precision Drilling from a “buy” rating to a “neutral” rating in a research report on Monday, September 30th. Morgan Stanley decreased their price objective on shares of Precision Drilling from $2.50 to $2.00 and set an “overweight” rating on the stock in a research report on Monday, October 7th. Finally, Piper Jaffray Companies decreased their price objective on shares of Precision Drilling from $2.50 to $2.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $2.31.

NYSE:PDS traded down $0.02 during trading hours on Friday, reaching $1.14. The company’s stock had a trading volume of 1,041,287 shares, compared to its average volume of 1,103,664. The firm has a market capitalization of $335.58 million, a price-to-earnings ratio of -4.38 and a beta of 2.34. The firm has a 50-day simple moving average of $1.16 and a 200-day simple moving average of $1.63. Precision Drilling has a 1 year low of $1.00 and a 1 year high of $3.01. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.73 and a current ratio of 1.85.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its earnings results on Thursday, October 24th. The oil and gas company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. The company had revenue of $284.47 million for the quarter, compared to analysts’ expectations of $288.55 million. Precision Drilling had a negative net margin of 11.99% and a negative return on equity of 0.99%. The firm’s revenue was down 1.8% compared to the same quarter last year. During the same quarter last year, the company earned ($0.10) EPS. Equities analysts anticipate that Precision Drilling will post -0.11 earnings per share for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in PDS. Marshall Wace LLP purchased a new position in shares of Precision Drilling during the first quarter valued at about $36,000. Investment House LLC purchased a new position in shares of Precision Drilling during the second quarter valued at about $39,000. BlackRock Inc. increased its position in shares of Precision Drilling by 53,250.8% during the second quarter. BlackRock Inc. now owns 31,477 shares of the oil and gas company’s stock valued at $59,000 after buying an additional 31,418 shares during the period. ARP Americas LP purchased a new position in shares of Precision Drilling during the second quarter valued at about $71,000. Finally, D. E. Shaw & Co. Inc. increased its position in shares of Precision Drilling by 363.2% during the second quarter. D. E. Shaw & Co. Inc. now owns 50,228 shares of the oil and gas company’s stock valued at $94,000 after buying an additional 39,385 shares during the period. Hedge funds and other institutional investors own 37.60% 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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Analyst Recommendations for Precision Drilling (NYSE:PDS)

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