Precision Drilling (NYSE:PDS) Cut to “Hold” at StockNews.com

StockNews.com downgraded shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a buy rating to a hold rating in a research note published on Saturday morning.

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

Precision Drilling Trading Down 5.4 %

PDS stock opened at $43.94 on Friday. Precision Drilling has a 52-week low of $43.35 and a 52-week high of $79.07. The company has a quick ratio of 1.35, a current ratio of 1.48 and a debt-to-equity ratio of 0.48. The firm has a market cap of $602.34 million, a P/E ratio of 8.17 and a beta of 2.05. The company’s 50-day simple moving average is $57.79 and its 200-day simple moving average is $61.09.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its quarterly earnings results on Wednesday, February 12th. The oil and gas company reported $0.76 EPS for the quarter, missing the consensus estimate of $1.40 by ($0.64). Precision Drilling had a return on equity of 6.72% and a net margin of 5.87%. As a group, equities analysts forecast that Precision Drilling will post 7.1 EPS for the current fiscal year.

Institutional Trading of Precision Drilling

A number of large investors have recently made changes to their positions in PDS. National Bank of Canada FI lifted its holdings in Precision Drilling by 0.5% during 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 buying an additional 3,342 shares during the last quarter. Bank of Montreal Can raised its position in shares of Precision Drilling by 28.0% during the 4th quarter. Bank of Montreal Can now owns 602,954 shares of the oil and gas company’s stock worth $36,832,000 after acquiring an additional 131,843 shares in the last quarter. Bank of America Corp DE lifted its stake in Precision Drilling by 33.3% during the fourth quarter. Bank of America Corp DE now owns 396,072 shares of the oil and gas company’s stock worth $24,188,000 after purchasing an additional 98,836 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Precision Drilling by 12.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 265,254 shares of the oil and gas company’s stock valued at $16,198,000 after purchasing an additional 29,612 shares in the last quarter. Finally, Millennium Management LLC increased its stake in Precision Drilling by 235.8% in the fourth quarter. Millennium Management LLC now owns 157,433 shares of the oil and gas company’s stock valued at $9,621,000 after purchasing an additional 110,546 shares during the last quarter. 48.86% of the stock is currently owned by hedge funds and other institutional investors.

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.