Precision Drilling Corporation (PDS) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) from a sell rating to a hold rating in a research report report published on Thursday.

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. “

Several other analysts have also recently commented on PDS. Cowen and Company set a $5.00 target price on shares of Precision Drilling Corporation and gave the stock a buy rating in a research note on Wednesday, October 18th. Deutsche Bank AG began coverage on shares of Precision Drilling Corporation in a research note on Tuesday, October 10th. They issued a hold rating and a $4.00 target price for the company. Royal Bank Of Canada restated an outperform rating and issued a $6.00 target price (down previously from $7.00) on shares of Precision Drilling Corporation in a research note on Friday, October 6th. ValuEngine upgraded shares of Precision Drilling Corporation from a strong sell rating to a sell rating in a research note on Monday, October 2nd. Finally, Piper Jaffray Companies upgraded shares of Precision Drilling Corporation from a neutral rating to an overweight rating and raised their target price for the stock from $3.60 to $4.25 in a research note on Monday, September 18th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $5.37.

Precision Drilling Corporation (NYSE PDS) opened at 2.54 on Thursday. Precision Drilling Corporation has a 52-week low of $2.26 and a 52-week high of $6.25. The firm’s market capitalization is $744.82 million. The company’s 50-day moving average is $2.75 and its 200-day moving average is $3.21.

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) last issued its quarterly earnings results on Friday, October 27th. The oil and gas company reported ($0.07) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.09) by $0.02. The firm had revenue of $314.50 million during the quarter, compared to analysts’ expectations of $320.36 million. Precision Drilling Corporation had a negative net margin of 9.45% and a negative return on equity of 5.96%. Precision Drilling Corporation’s quarterly revenue was up 47.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.16) EPS. On average, analysts predict that Precision Drilling Corporation will post ($0.32) EPS for the current year.

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Several hedge funds and other institutional investors have recently made changes to their positions in PDS. Franklin Resources Inc. lifted its stake in shares of Precision Drilling Corporation by 44.6% in the second quarter. Franklin Resources Inc. now owns 44,803,597 shares of the oil and gas company’s stock valued at $153,112,000 after purchasing an additional 13,815,928 shares during the period. FMR LLC lifted its stake in shares of Precision Drilling Corporation by 22.1% in the second quarter. FMR LLC now owns 16,603,054 shares of the oil and gas company’s stock valued at $56,719,000 after purchasing an additional 3,007,124 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Precision Drilling Corporation by 162.4% in the first quarter. Renaissance Technologies LLC now owns 1,024,852 shares of the oil and gas company’s stock valued at $4,840,000 after purchasing an additional 634,221 shares during the period. Wellington Management Group LLP lifted its stake in shares of Precision Drilling Corporation by 21.9% in the first quarter. Wellington Management Group LLP now owns 3,221,710 shares of the oil and gas company’s stock valued at $15,194,000 after purchasing an additional 578,133 shares during the period. Finally, Dalton Greiner Hartman Maher & Co. lifted its stake in shares of Precision Drilling Corporation by 8.5% in the second quarter. Dalton Greiner Hartman Maher & Co. now owns 5,758,072 shares of the oil and gas company’s stock valued at $19,635,000 after purchasing an additional 450,105 shares during the period. Hedge funds and other institutional investors own 59.65% of the company’s stock.

About Precision Drilling Corporation

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.

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