Precision Drilling (NYSE:PDS) Sees Unusually-High Trading Volume – Still a Buy?

Precision Drilling Co. (NYSE:PDS) (TSE:PD) shares saw unusually-high trading volume on Wednesday . Approximately 146,415 shares changed hands during mid-day trading, an increase of 92% from the previous session’s volume of 76,223 shares.The stock last traded at $47.61 and had previously closed at $47.78.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on PDS shares. StockNews.com downgraded Precision Drilling from a “buy” rating to a “hold” rating in a research note on Monday, March 24th. TD Securities cut Precision Drilling from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd.

Precision Drilling Price Performance

The company’s 50 day simple moving average is $51.78 and its 200-day simple moving average is $58.50. The company has a current ratio of 1.48, a quick ratio of 1.35 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $644.21 million, a price-to-earnings ratio of 8.84 and a beta of 2.05.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its earnings results on Wednesday, February 12th. The oil and gas company reported $0.76 EPS for the quarter, missing the consensus estimate of $1.40 by ($0.64). Precision Drilling had a return on equity of 6.72% and a net margin of 5.87%. On average, equities research analysts predict that Precision Drilling Co. will post 7.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Precision Drilling

Several institutional investors have recently added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Precision Drilling by 2.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,388 shares of the oil and gas company’s stock valued at $695,000 after buying an additional 250 shares during the period. Geode Capital Management LLC grew its holdings in Precision Drilling by 6.1% in the fourth quarter. Geode Capital Management LLC now owns 7,285 shares of the oil and gas company’s stock valued at $450,000 after purchasing an additional 418 shares during the period. Signaturefd LLC raised its stake in Precision Drilling by 30.1% during the fourth quarter. Signaturefd LLC now owns 2,159 shares of the oil and gas company’s stock worth $132,000 after purchasing an additional 499 shares during the period. Jane Street Group LLC grew its stake in shares of Precision Drilling by 4.5% during the 4th quarter. Jane Street Group LLC now owns 17,183 shares of the oil and gas company’s stock valued at $1,049,000 after buying an additional 743 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in shares of Precision Drilling by 10.8% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 8,477 shares of the oil and gas company’s stock worth $518,000 after buying an additional 824 shares during the period. 48.86% of the stock is currently owned by institutional investors and hedge funds.

Precision Drilling Company Profile

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 through Contract Drilling Services and Completion and Production Services segments.