Precision Drilling (NYSE:PDS) Reaches New 12-Month Low Following Weak Earnings

Precision Drilling Co. (NYSE:PDS) (TSE:PD)’s share price reached a new 52-week low during mid-day trading on Thursday following a dissappointing earnings announcement. The company traded as low as $53.31 and last traded at $55.43, with a volume of 37051 shares traded. The stock had previously closed at $56.23.

The oil and gas company reported $0.76 earnings per share for the quarter, missing the consensus estimate of $1.40 by ($0.64). Precision Drilling had a net margin of 12.52% and a return on equity of 10.06%.

Analysts Set New Price Targets

Separately, TD Securities downgraded shares of Precision Drilling from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd.

Institutional Investors Weigh In On Precision Drilling

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PDS. Russell Investments Group Ltd. raised its position in Precision Drilling by 246.5% during the 4th quarter. Russell Investments Group Ltd. now owns 6,373 shares of the oil and gas company’s stock valued at $390,000 after purchasing an additional 4,534 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC lifted its stake in Precision Drilling by 190.0% in the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 81,500 shares of the oil and gas company’s stock worth $4,982,000 after acquiring an additional 53,400 shares during the period. Trexquant Investment LP boosted its holdings in Precision Drilling by 36.0% in the fourth quarter. Trexquant Investment LP now owns 18,213 shares of the oil and gas company’s stock valued at $1,112,000 after acquiring an additional 4,824 shares in the last quarter. Geode Capital Management LLC increased its position in Precision Drilling by 6.1% during the 4th quarter. Geode Capital Management LLC now owns 7,285 shares of the oil and gas company’s stock valued at $450,000 after purchasing an additional 418 shares during the period. Finally, National Bank of Canada FI raised its holdings in Precision Drilling by 0.5% in the 4th quarter. National Bank of Canada FI now owns 729,626 shares of the oil and gas company’s stock worth $44,673,000 after purchasing an additional 3,342 shares in the last quarter. 48.86% of the stock is currently owned by institutional investors.

Precision Drilling Stock Performance

The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.41 and a current ratio of 1.54. The company’s 50-day moving average price is $60.75 and its 200 day moving average price is $63.57. The stock has a market capitalization of $767.26 million, a PE ratio of 4.69 and a beta of 1.91.

About Precision Drilling

Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates through Contract Drilling Services and Completion and Production Services segments.