Precision Drilling (NYSE:PDS) Downgraded to “Hold” Rating by StockNews.com

StockNews.com downgraded shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a buy rating to a hold rating in a report released on Monday morning.

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

Precision Drilling Stock Up 0.3 %

PDS stock opened at $47.07 on Monday. The stock’s 50 day simple moving average is $53.29 and its 200 day simple moving average is $59.01. The company has a market cap of $642.20 million, a P/E ratio of 8.75 and a beta of 2.05. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.35 and a current ratio of 1.48. Precision Drilling has a fifty-two week low of $43.00 and a fifty-two week high of $79.07.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings data on Wednesday, February 12th. 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 return on equity of 6.72% and a net margin of 5.87%. On average, research analysts expect that Precision Drilling will post 7.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Precision Drilling

Institutional investors have recently added to or reduced their stakes in the stock. National Bank of Canada FI boosted its stake in Precision Drilling by 0.5% in the fourth quarter. National Bank of Canada FI now owns 729,626 shares of the oil and gas company’s stock valued at $44,673,000 after acquiring an additional 3,342 shares during the last quarter. Bank of Montreal Can raised its holdings in shares of Precision Drilling by 28.0% in 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 purchasing an additional 131,843 shares during the period. Bank of America Corp DE lifted its stake in Precision Drilling by 33.3% in the fourth quarter. Bank of America Corp DE now owns 396,072 shares of the oil and gas company’s stock valued at $24,188,000 after purchasing an additional 98,836 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Precision Drilling by 12.6% during 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 during the period. Finally, Millennium Management LLC increased its position 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 worth $9,621,000 after buying an additional 110,546 shares during the last quarter. Institutional investors own 48.86% of the company’s stock.

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.