Precision Drilling (NYSE:PDS) Rating Lowered to Sector Perform Overweight at National Bank Financial

National Bank Financial downgraded shares of Precision Drilling (NYSE:PDS) (TSE:PD) from an outperform overweight rating to a sector perform overweight rating in a report released on Sunday morning, The Fly reports.

PDS has been the topic of several other reports. Wolfe Research cut Precision Drilling from a peer perform rating to an underperform rating in a research report on Thursday, March 19th. Raymond James cut Precision Drilling from an outperform rating to a market perform rating and set a $0.90 price target on the stock. in a research report on Wednesday, June 10th. Scotiabank cut Precision Drilling from a sector perform rating to an underperform rating in a research report on Monday, March 9th. BMO Capital Markets upped their price target on Precision Drilling from $1.00 to $1.25 and gave the company an outperform rating in a research report on Tuesday, June 30th. Finally, Royal Bank of Canada upped their price objective on shares of Precision Drilling from $1.10 to $1.25 and gave the stock an outperform rating in a research report on Friday, May 1st. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $1.23.

NYSE PDS opened at $0.69 on Friday. The company has a market cap of $196.37 million, a PE ratio of -11.48 and a beta of 3.26. Precision Drilling has a 52 week low of $0.27 and a 52 week high of $1.89. The company has a quick ratio of 1.90, a current ratio of 2.04 and a debt-to-equity ratio of 1.00. The firm’s 50-day simple moving average is $0.70 and its two-hundred day simple moving average is $0.86.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings results on Thursday, April 30th. The oil and gas company reported ($0.01) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.01. Precision Drilling had a negative return on equity of 0.47% and a negative net margin of 1.59%. The firm had revenue of $282.95 million for the quarter, compared to analysts’ expectations of $262.25 million. As a group, equities research analysts anticipate that Precision Drilling will post -0.39 EPS for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the business. Man Group plc grew its position in Precision Drilling by 257.3% during the fourth quarter. Man Group plc now owns 86,100 shares of the oil and gas company’s stock valued at $120,000 after acquiring an additional 62,000 shares during the last quarter. Norges Bank bought a new position in Precision Drilling during the fourth quarter valued at approximately $2,859,000. Acadian Asset Management LLC grew its position in Precision Drilling by 109.8% during the first quarter. Acadian Asset Management LLC now owns 1,408,065 shares of the oil and gas company’s stock valued at $435,000 after acquiring an additional 736,815 shares during the last quarter. UBS Group AG grew its position in Precision Drilling by 32.6% during the first quarter. UBS Group AG now owns 97,820 shares of the oil and gas company’s stock valued at $30,000 after acquiring an additional 24,050 shares during the last quarter. Finally, Renaissance Technologies LLC grew its position in Precision Drilling by 844.0% during the fourth quarter. Renaissance Technologies LLC now owns 362,052 shares of the oil and gas company’s stock valued at $505,000 after acquiring an additional 323,700 shares during the last quarter. Institutional investors and hedge funds own 28.21% of the company’s stock.

About Precision Drilling

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.

See Also: Buy-Side Analysts

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