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

Zacks Investment Research cut shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a buy rating to a hold rating in a report published on Saturday morning, 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 analysts also recently issued reports about the stock. Canaccord Genuity upped their price objective on shares of Precision Drilling from $0.90 to $1.25 and gave the company a hold rating in a report on Thursday, June 18th. Royal Bank of Canada upped their price objective on shares of Precision Drilling from $1.10 to $1.25 and gave the company an outperform rating in a report on Friday, May 1st. National Bank Financial reiterated an outperform overweight rating on shares of Precision Drilling in a report on Sunday, April 26th. Morgan Stanley downgraded shares of Precision Drilling from an overweight rating to an equal weight rating in a report on Monday, March 16th. Finally, Piper Sandler upped their price objective on shares of Precision Drilling from $0.30 to $0.60 and gave the company a neutral rating in a report on Thursday, May 28th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $1.36.

NYSE PDS opened at $0.74 on Friday. The company has a current ratio of 2.04, a quick ratio of 1.90 and a debt-to-equity ratio of 1.00. The firm’s fifty day moving average price is $0.67 and its two-hundred day moving average price is $0.88. Precision Drilling has a 1 year low of $0.27 and a 1 year high of $2.08. The firm has a market capitalization of $202.41 million, a P/E ratio of -12.33 and a beta of 3.20.

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

Institutional investors have recently made changes to their positions in the business. Marshall Wace LLP acquired a new stake in Precision Drilling during the first quarter worth about $36,000. Oxford Asset Management LLP acquired a new stake in Precision Drilling during the fourth quarter worth about $66,000. Banco Bilbao Vizcaya Argentaria S.A. acquired a new stake in Precision Drilling during the fourth quarter worth about $69,000. Marshall Wace North America L.P. acquired a new stake in Precision Drilling during the fourth quarter worth about $115,000. Finally, Man Group plc grew its stake in Precision Drilling by 257.3% during the fourth quarter. Man Group plc now owns 86,100 shares of the oil and gas company’s stock worth $120,000 after buying an additional 62,000 shares in the last quarter. Hedge funds and other institutional investors own 28.21% 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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