Canaccord Genuity Upgrades Precision Drilling (PDS) to Buy

Canaccord Genuity upgraded shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a hold rating to a buy rating in a research report released on Friday, The Fly reports.

A number of other equities analysts also recently commented on PDS. Morgan Stanley raised shares of Precision Drilling from an equal weight rating to an overweight rating and set a $4.25 price objective for the company in a research note on Thursday, July 12th. Zacks Investment Research downgraded shares of Precision Drilling from a buy rating to a hold rating in a research note on Tuesday, July 17th. Credit Suisse Group boosted their price objective on shares of Precision Drilling from $3.80 to $3.90 and gave the stock a neutral rating in a research note on Friday, July 27th. Jefferies Financial Group set a $5.00 price objective on shares of Precision Drilling and gave the stock a buy rating in a research note on Monday, July 30th. Finally, Piper Jaffray Companies reaffirmed a buy rating and set a $5.25 price target on shares of Precision Drilling in a research report on Tuesday, July 31st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of Buy and an average target price of $4.40.

NYSE:PDS traded down $0.02 during trading hours on Friday, reaching $2.61. The company’s stock had a trading volume of 4,328,799 shares, compared to its average volume of 1,552,165. The company has a market capitalization of $790.27 million, a price-to-earnings ratio of -9.32 and a beta of 2.10. Precision Drilling has a 12 month low of $2.31 and a 12 month high of $4.14. The company has a quick ratio of 1.73, a current ratio of 1.85 and a debt-to-equity ratio of 0.98.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its quarterly earnings data on Thursday, October 25th. The oil and gas company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02). The business had revenue of $292.65 million during the quarter, compared to the consensus estimate of $306.54 million. Precision Drilling had a negative return on equity of 6.59% and a negative net margin of 9.77%. On average, sell-side analysts expect that Precision Drilling will post -0.27 EPS for the current year.

Hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp increased its position in shares of Precision Drilling by 138.1% during the second quarter. Bank of New York Mellon Corp now owns 35,916 shares of the oil and gas company’s stock worth $119,000 after purchasing an additional 20,833 shares in the last quarter. ClariVest Asset Management LLC acquired a new position in shares of Precision Drilling during the third quarter worth $128,000. Raymond James Financial Services Advisors Inc. increased 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. Prescott Group Capital Management L.L.C. acquired a new position in shares of Precision Drilling during the second quarter worth $202,000. Finally, JPMorgan Chase & Co. increased 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. 50.90% of the stock is currently owned by institutional investors and hedge funds.

Precision Drilling Company Profile

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.

Further Reading: Price to Earnings Ratio (PE) Basics

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Analyst Recommendations for Precision Drilling (NYSE:PDS)

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