Precision Drilling Corp (PDS) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Precision Drilling Corp (NYSE:PDS) (TSE:PD) have earned a consensus recommendation of “Buy” from the twelve analysts that are covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and eight have issued a buy recommendation on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $4.56.

PDS has been the subject of a number of analyst reports. Credit Suisse Group decreased their price target on Precision Drilling from $3.90 to $3.00 and set a “hold” rating for the company in a report on Monday, November 5th. TD Securities downgraded Precision Drilling to a “buy” rating in a report on Wednesday, September 5th. Scotiabank raised Precision Drilling from an “underperform” rating to a “sector perform” rating in a report on Friday, October 26th. Canaccord Genuity reissued a “hold” rating on shares of Precision Drilling in a report on Tuesday, October 16th. Finally, Citigroup raised Precision Drilling from a “neutral” rating to a “buy” rating in a report on Monday, November 19th.

NYSE:PDS traded up $0.01 during trading hours on Monday, reaching $2.11. The company had a trading volume of 993,481 shares, compared to its average volume of 1,386,346. Precision Drilling has a 1-year low of $2.03 and a 1-year high of $4.14. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.85 and a quick ratio of 1.73.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings results on Thursday, October 25th. The oil and gas company reported ($0.08) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.06) by ($0.02). Precision Drilling had a negative net margin of 9.77% and a negative return on equity of 6.59%. The company had revenue of $292.65 million during the quarter, compared to analyst estimates of $306.54 million. As a group, equities analysts anticipate that Precision Drilling will post -0.31 earnings per share for the current year.

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Precision Drilling by 3.1% during the 3rd quarter. Vanguard Group Inc. now owns 7,265,717 shares of the oil and gas company’s stock worth $25,139,000 after buying an additional 220,935 shares during the period. AGF Investments Inc. raised its stake in shares of Precision Drilling by 107.1% during the 2nd quarter. AGF Investments Inc. now owns 4,910,191 shares of the oil and gas company’s stock worth $16,247,000 after buying an additional 2,538,700 shares during the period. Lonestar Capital Management LLC raised its stake in shares of Precision Drilling by 6.3% during the 2nd quarter. Lonestar Capital Management LLC now owns 4,000,000 shares of the oil and gas company’s stock worth $13,280,000 after buying an additional 237,400 shares during the period. Bank of Montreal Can raised its stake in shares of Precision Drilling by 14.5% during the 3rd quarter. Bank of Montreal Can now owns 3,499,046 shares of the oil and gas company’s stock worth $12,107,000 after buying an additional 442,665 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Precision Drilling by 2.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,168,347 shares of the oil and gas company’s stock worth $7,482,000 after buying an additional 58,531 shares during the period. 48.68% of the stock is owned by institutional investors and hedge funds.

About Precision Drilling

Precision Drilling Corporation 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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Analyst Recommendations for Precision Drilling (NYSE:PDS)

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