Piper Jaffray Companies Analysts Give Precision Drilling Corporation (PDS) a $4.00 Price Target

Piper Jaffray Companies set a $4.00 price objective on Precision Drilling Corporation (NYSE:PDS) (TSE:PD) in a report issued on Sunday morning. The brokerage currently has a buy rating on the oil and gas company’s stock.

A number of other research analysts have also recently weighed in on PDS. UBS AG upgraded Precision Drilling Corporation from an outperform rating to a strong-buy rating in a report on Thursday, July 6th. Raymond James Financial, Inc. upgraded Precision Drilling Corporation from an outperform rating to a strong-buy rating in a report on Thursday, July 6th. Cowen and Company reiterated a buy rating and issued a $5.00 target price on shares of Precision Drilling Corporation in a report on Tuesday, July 11th. BidaskClub cut Precision Drilling Corporation from a sell rating to a strong sell rating in a report on Wednesday, July 19th. Finally, Zacks Investment Research cut Precision Drilling Corporation from a hold rating to a sell rating in a report on Friday, July 21st. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. The company has an average rating of Buy and an average price target of $5.37.

Precision Drilling Corporation (NYSE:PDS) opened at 2.99 on Friday. Precision Drilling Corporation has a 52 week low of $2.26 and a 52 week high of $6.25. The stock has a 50 day moving average price of $2.77 and a 200 day moving average price of $3.17. The firm’s market cap is $876.78 million.

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) last posted its quarterly earnings data on Friday, October 27th. The oil and gas company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.02. Precision Drilling Corporation had a negative return on equity of 5.96% and a negative net margin of 9.45%. The business had revenue of $314.50 million for the quarter, compared to analysts’ expectations of $320.36 million. During the same quarter last year, the firm earned ($0.16) earnings per share. The business’s revenue was up 47.2% on a year-over-year basis. Equities research analysts expect that Precision Drilling Corporation will post ($0.31) EPS for the current year.

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A number of large investors have recently added to or reduced their stakes in PDS. Bank of New York Mellon Corp raised its position in Precision Drilling Corporation by 2.4% in the first quarter. Bank of New York Mellon Corp now owns 84,060 shares of the oil and gas company’s stock valued at $396,000 after purchasing an additional 1,938 shares during the period. Parametric Portfolio Associates LLC raised its position in Precision Drilling Corporation by 140.0% in the first quarter. Parametric Portfolio Associates LLC now owns 53,083 shares of the oil and gas company’s stock valued at $251,000 after purchasing an additional 30,964 shares during the period. JPMorgan Chase & Co. raised its position in Precision Drilling Corporation by 395.3% in the first quarter. JPMorgan Chase & Co. now owns 219,073 shares of the oil and gas company’s stock valued at $1,034,000 after purchasing an additional 174,839 shares during the period. Legal & General Group Plc raised its position in Precision Drilling Corporation by 0.8% in the first quarter. Legal & General Group Plc now owns 455,424 shares of the oil and gas company’s stock valued at $2,146,000 after purchasing an additional 3,566 shares during the period. Finally, MARSHALL WACE ASIA Ltd purchased a new position in Precision Drilling Corporation in the first quarter valued at about $306,000. 59.65% of the stock is currently owned by institutional investors.

Precision Drilling Corporation Company Profile

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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