Zacks Investment Research upgraded shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a hold rating to a buy rating in a report published on Tuesday, Zacks.com reports. Zacks Investment Research currently has $1.50 price target on the oil and gas company’s stock.
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 weighed in on PDS. Wolfe Research started coverage on Precision Drilling in a research note on Wednesday, November 27th. They issued a market perform rating on the stock. Scotiabank raised Precision Drilling from an underperform rating to a hold rating and set a $1.50 price objective on the stock in a research note on Friday, November 29th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $1.99.
A number of large investors have recently added to or reduced their stakes in the stock. Intact Investment Management Inc. boosted its stake in Precision Drilling by 55.6% in the fourth quarter. Intact Investment Management Inc. now owns 1,390,500 shares of the oil and gas company’s stock valued at $2,517,000 after buying an additional 496,600 shares in the last quarter. Man Group plc boosted its stake in Precision Drilling by 257.3% in the fourth quarter. Man Group plc now owns 86,100 shares of the oil and gas company’s stock valued at $120,000 after buying an additional 62,000 shares in the last quarter. Bank of America Corp DE boosted its stake in Precision Drilling by 2.2% in the fourth quarter. Bank of America Corp DE now owns 781,775 shares of the oil and gas company’s stock valued at $1,094,000 after buying an additional 17,125 shares in the last quarter. Marshall Wace North America L.P. acquired a new stake in Precision Drilling in the fourth quarter valued at about $115,000. Finally, Banco Bilbao Vizcaya Argentaria S.A. acquired a new stake in shares of Precision Drilling during the fourth quarter valued at about $69,000. 31.87% of the stock is currently owned by institutional investors and hedge funds.
Precision Drilling Company Profile
Precision Drilling Corporation, an oilfield services company, 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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