Precision Drilling (NYSE:PDS) (TSE:PD) had its price target dropped by investment analysts at Credit Suisse Group from $3.90 to $3.00 in a research note issued on Monday. The firm presently has a “hold” rating on the oil and gas company’s stock. Credit Suisse Group’s target price points to a potential upside of 22.45% from the company’s current price.
A number of other research firms have also commented on PDS. TD Securities lowered shares of Precision Drilling to a “buy” rating in a report on Wednesday, September 5th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $5.25 target price on shares of Precision Drilling in a report on Tuesday, July 31st. Jefferies Financial Group set a $5.00 target price on shares of Precision Drilling and gave the stock a “buy” rating in a report on Monday, July 30th. Zacks Investment Research lowered shares of Precision Drilling from a “buy” rating to a “hold” rating in a report on Tuesday, July 17th. Finally, Morgan Stanley raised shares of Precision Drilling from an “equal weight” rating to an “overweight” rating and set a $4.25 target price for the company in a report on Thursday, July 12th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $4.40.
Shares of Precision Drilling stock opened at $2.45 on Monday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.85 and a quick ratio of 1.73. The company has a market capitalization of $708.01 million, a P/E ratio of -8.75 and a beta of 2.10. Precision Drilling has a fifty-two week low of $2.31 and a fifty-two week high of $4.14.
Precision Drilling (NYSE:PDS) (TSE:PD) last issued its quarterly earnings results on Thursday, October 25th. The oil and gas company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02). The company had revenue of $292.65 million during the quarter, compared to analyst estimates of $306.54 million. Precision Drilling had a negative net margin of 9.77% and a negative return on equity of 6.59%. Equities analysts predict that Precision Drilling will post -0.27 earnings per share for the current fiscal year.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cumberland Partners Ltd acquired a new stake in Precision Drilling during the 2nd quarter worth $1,270,000. Prescott Group Capital Management L.L.C. acquired a new stake in Precision Drilling during the 2nd quarter worth $202,000. JPMorgan Chase & Co. boosted its position in shares of Precision Drilling by 1,439.4% during the first quarter. JPMorgan Chase & Co. now owns 159,621 shares of the oil and gas company’s stock worth $443,000 after purchasing an additional 149,252 shares in the last quarter. Lonestar Capital Management LLC boosted its position in shares of Precision Drilling by 6.3% during the second quarter. Lonestar Capital Management LLC now owns 4,000,000 shares of the oil and gas company’s stock worth $13,280,000 after purchasing an additional 237,400 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. boosted its position in shares of Precision Drilling by 112.1% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 59,537 shares of the oil and gas company’s stock worth $197,000 after purchasing an additional 31,461 shares in the last quarter. 50.90% of the stock is owned by hedge funds and other institutional investors.
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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