Precision Drilling (NYSE:PDS) Sets New 52-Week Low After Earnings Miss

Precision Drilling Co. (NYSE:PDS) (TSE:PD) hit a new 52-week low during mid-day trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $53.31 and last traded at $55.43, with a volume of 37051 shares changing hands. The stock had previously closed at $56.23.

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

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. US Bancorp DE increased its position in shares of Precision Drilling by 56.6% during the third quarter. US Bancorp DE now owns 603 shares of the oil and gas company’s stock valued at $37,000 after acquiring an additional 218 shares in the last quarter. Signaturefd LLC increased its holdings in Precision Drilling by 19.9% in the 3rd quarter. Signaturefd LLC now owns 1,660 shares of the oil and gas company’s stock worth $102,000 after buying an additional 276 shares in the last quarter. Blue Trust Inc. raised its position in Precision Drilling by 283.7% in the 3rd quarter. Blue Trust Inc. now owns 2,003 shares of the oil and gas company’s stock worth $123,000 after buying an additional 1,481 shares during the last quarter. Quantbot Technologies LP raised its position in Precision Drilling by 1,741.8% in the 4th quarter. Quantbot Technologies LP now owns 2,247 shares of the oil and gas company’s stock worth $137,000 after buying an additional 2,125 shares during the last quarter. Finally, Barclays PLC lifted its stake in Precision Drilling by 1,579.0% during the 3rd quarter. Barclays PLC now owns 3,358 shares of the oil and gas company’s stock valued at $207,000 after acquiring an additional 3,158 shares during the period. 48.86% of the stock is owned by hedge funds and other institutional investors.

Precision Drilling Stock Performance

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

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.