Equities researchers at Deutsche Bank AG began coverage on shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) in a research report issued to clients and investors on Tuesday. The brokerage set a “hold” rating and a $4.00 price target on the oil and gas company’s stock. Deutsche Bank AG’s target price points to a potential upside of 54.44% from the company’s current price.
Other analysts also recently issued reports about the stock. TD Securities initiated coverage on shares of Precision Drilling Corporation in a report on Monday, September 11th. They issued a “buy” rating on the stock. Jefferies Group LLC reiterated a “buy” rating and issued a $4.50 price objective (down from $6.00) on shares of Precision Drilling Corporation in a report on Wednesday, August 2nd. Cowen and Company reiterated a “buy” rating and issued a $5.00 price objective on shares of Precision Drilling Corporation in a report on Tuesday, July 11th. Morgan Stanley downgraded shares of Precision Drilling Corporation from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $9.00 to $4.50 in a report on Wednesday, June 21st. Finally, Zacks Investment Research upgraded shares of Precision Drilling Corporation from a “sell” rating to a “hold” rating in a report on Friday, July 28th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $5.58.
Shares of Precision Drilling Corporation (NYSE:PDS) opened at 2.59 on Tuesday. Precision Drilling Corporation has a 52-week low of $2.38 and a 52-week high of $6.25. The firm has a 50-day moving average of $2.80 and a 200 day moving average of $3.39. The company’s market capitalization is $759.49 million.
Precision Drilling Corporation (NYSE:PDS) (TSE:PD) last posted its quarterly earnings data on Monday, July 31st. The oil and gas company reported ($0.09) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.16) by $0.07. Precision Drilling Corporation had a negative net margin of 12.38% and a negative return on equity of 7.10%. The company had revenue of $275.52 million for the quarter, compared to the consensus estimate of $271.33 million. During the same period last year, the company earned ($0.20) earnings per share. The firm’s revenue was up 68.0% compared to the same quarter last year. On average, analysts anticipate that Precision Drilling Corporation will post ($0.32) EPS for the current year.
Institutional investors and hedge funds have recently modified their holdings of the stock. Quantbot Technologies LP acquired a new position in Precision Drilling Corporation during the first quarter worth $102,000. Tower Research Capital LLC TRC boosted its position in Precision Drilling Corporation by 200.1% during the second quarter. Tower Research Capital LLC TRC now owns 29,724 shares of the oil and gas company’s stock worth $132,000 after purchasing an additional 19,819 shares during the period. Pacad Investment Ltd. boosted its position in Precision Drilling Corporation by 81.2% during the second quarter. Pacad Investment Ltd. now owns 32,800 shares of the oil and gas company’s stock worth $112,000 after purchasing an additional 14,700 shares during the period. Verition Fund Management LLC bought a new position in Precision Drilling Corporation during the second quarter worth $158,000. Finally, Parametric Portfolio Associates LLC boosted its position in Precision Drilling Corporation by 140.0% during the first quarter. Parametric Portfolio Associates LLC now owns 53,083 shares of the oil and gas company’s stock worth $251,000 after purchasing an additional 30,964 shares during the period. Institutional investors and hedge funds own 61.43% of the company’s stock.
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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