Precision Drilling (NYSE:PDS) Shares Gap Down to $56.53

Precision Drilling Co. (NYSE:PDSGet Rating) (TSE:PD)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $56.53, but opened at $52.10. Precision Drilling shares last traded at $50.54, with a volume of 847 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on PDS shares. BMO Capital Markets boosted their price objective on shares of Precision Drilling from C$130.00 to C$140.00 in a report on Thursday, July 28th. Piper Sandler lifted their price target on shares of Precision Drilling from $110.00 to $125.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 1st. TD Securities upped their price objective on shares of Precision Drilling from C$130.00 to C$135.00 in a research note on Thursday, July 28th. Canaccord Genuity Group cut their price objective on Precision Drilling from C$115.00 to C$100.00 in a report on Friday, August 19th. Finally, Stifel Nicolaus boosted their target price on Precision Drilling from C$145.00 to C$150.00 in a research note on Thursday, July 28th. Four research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $117.70.

Precision Drilling Price Performance

The company has a current ratio of 1.39, a quick ratio of 1.30 and a debt-to-equity ratio of 0.97. The firm has a market cap of $686.70 million, a P/E ratio of -6.41 and a beta of 2.39. The business’s fifty day simple moving average is $62.65 and its 200-day simple moving average is $67.19.

Precision Drilling (NYSE:PDSGet Rating) (TSE:PD) last announced its quarterly earnings results on Wednesday, July 27th. The oil and gas company reported ($1.42) EPS for the quarter, topping analysts’ consensus estimates of ($1.70) by $0.28. Precision Drilling had a negative return on equity of 11.02% and a negative net margin of 10.92%. The business had revenue of $255.47 million for the quarter, compared to analysts’ expectations of $232.32 million. As a group, analysts forecast that Precision Drilling Co. will post -1 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PDS. Great West Life Assurance Co. Can bought a new stake in shares of Precision Drilling in the 1st quarter valued at about $27,000. Shell Asset Management Co. acquired a new position in shares of Precision Drilling in the second quarter worth about $96,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Precision Drilling in the 2nd quarter worth about $102,000. SG Americas Securities LLC acquired a new position in shares of Precision Drilling during the second quarter valued at approximately $107,000. Finally, Quantbot Technologies LP increased its position in shares of Precision Drilling by 85.1% during the second quarter. Quantbot Technologies LP now owns 2,103 shares of the oil and gas company’s stock worth $134,000 after purchasing an additional 967 shares in the last quarter. Hedge funds and other institutional investors own 45.59% of the company’s stock.

About Precision Drilling

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Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates in two segments, Contract Drilling Services; and Completion and Production Services.

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