Precision Drilling (NYSE:PDS) Cut to “Outperform” at Raymond James

Precision Drilling (NYSE:PDS) (TSE:PD) was downgraded by investment analysts at Raymond James from a “strong-buy” rating to an “outperform” rating in a research note issued on Wednesday,Finviz reports.

Several other equities research analysts have also commented on PDS. TD Securities lowered shares of Precision Drilling from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. StockNews.com cut shares of Precision Drilling from a “buy” rating to a “hold” rating in a research note on Monday, March 24th.

Precision Drilling Price Performance

Shares of Precision Drilling stock traded up $0.19 during trading hours on Wednesday, reaching $38.23. The stock had a trading volume of 105,088 shares, compared to its average volume of 80,547. The stock’s 50 day moving average is $49.24 and its 200 day moving average is $57.52. The company has a current ratio of 1.48, a quick ratio of 1.35 and a debt-to-equity ratio of 0.48. Precision Drilling has a twelve month low of $34.43 and a twelve month high of $79.07. The firm has a market capitalization of $517.87 million, a PE ratio of 7.11 and a beta of 1.53.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings results on Wednesday, February 12th. The oil and gas company reported $0.76 earnings per share for the quarter, missing analysts’ consensus estimates of $1.40 by ($0.64). Precision Drilling had a return on equity of 6.72% and a net margin of 5.87%. Equities analysts expect that Precision Drilling will post 7.1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its position in shares of Precision Drilling by 6.6% in the third quarter. Geode Capital Management LLC now owns 6,867 shares of the oil and gas company’s stock valued at $425,000 after buying an additional 424 shares during the last quarter. Mountain Lake Investment Management LLC grew its stake in Precision Drilling by 107.9% during the 4th quarter. Mountain Lake Investment Management LLC now owns 51,981 shares of the oil and gas company’s stock valued at $3,174,000 after acquiring an additional 26,981 shares in the last quarter. Franklin Resources Inc. lifted its stake in Precision Drilling by 21.9% in the 3rd quarter. Franklin Resources Inc. now owns 63,114 shares of the oil and gas company’s stock worth $3,961,000 after purchasing an additional 11,331 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Precision Drilling by 3,575.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 153,800 shares of the oil and gas company’s stock worth $9,395,000 after purchasing an additional 149,616 shares in the last quarter. Finally, Quantbot Technologies LP grew its position in shares of Precision Drilling by 1,741.8% in the fourth quarter. Quantbot Technologies LP now owns 2,247 shares of the oil and gas company’s stock valued at $137,000 after purchasing an additional 2,125 shares in the last quarter. 48.86% of the stock is owned by institutional investors and hedge funds.

Precision Drilling Company Profile

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.