Precision Drilling (NYSE:PDS) Rating Lowered to Outperform at Raymond James

Raymond James cut shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a strong-buy rating to an outperform rating in a research note issued to investors on Monday, The Fly reports. Raymond James also issued estimates for Precision Drilling’s FY2021 earnings at ($7.45) EPS and FY2022 earnings at ($2.04) EPS.

A number of other equities research analysts have also commented on PDS. Stifel Nicolaus upped their price target on shares of Precision Drilling from C$44.00 to C$53.00 and gave the company a buy rating in a report on Friday, June 4th. BMO Capital Markets reiterated a buy rating and set a $45.00 target price on shares of Precision Drilling in a report on Friday, April 23rd. National Bank Financial upgraded Precision Drilling from a sector perform rating to an outperform rating in a report on Thursday, April 15th. Piper Sandler increased their price objective on Precision Drilling from $26.00 to $33.00 and gave the stock a neutral rating in a report on Wednesday, April 28th. Finally, Royal Bank of Canada boosted their target price on Precision Drilling from C$44.00 to C$50.00 and gave the company an outperform rating in a research note on Thursday, June 3rd. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $35.10.

NYSE PDS opened at $37.31 on Monday. The stock has a market capitalization of $496.37 million, a price-to-earnings ratio of -4.43 and a beta of 3.13. The company’s 50-day simple moving average is $28.70. The company has a current ratio of 1.99, a quick ratio of 1.84 and a debt-to-equity ratio of 0.87. Precision Drilling has a 12-month low of $11.00 and a 12-month high of $39.88.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings results on Wednesday, April 21st. The oil and gas company reported ($2.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.23) by ($0.47). Precision Drilling had a negative return on equity of 10.17% and a negative net margin of 18.92%. The company had revenue of $236.47 million for the quarter, compared to the consensus estimate of $229.39 million. The business’s revenue for the quarter was down 37.7% on a year-over-year basis. Equities analysts expect that Precision Drilling will post -8.59 earnings per share for the current year.

Institutional investors have recently made changes to their positions in the stock. Mountain Lake Investment Management LLC increased its stake in Precision Drilling by 1.6% during the 1st quarter. Mountain Lake Investment Management LLC now owns 310,000 shares of the oil and gas company’s stock valued at $6,699,000 after purchasing an additional 5,000 shares in the last quarter. Morgan Stanley increased its position in shares of Precision Drilling by 1.6% during the first quarter. Morgan Stanley now owns 82,892 shares of the oil and gas company’s stock valued at $1,792,000 after acquiring an additional 1,314 shares in the last quarter. Intrinsic Edge Capital Management LLC purchased a new position in Precision Drilling in the 1st quarter worth approximately $1,804,000. Royal Bank of Canada lifted its position in Precision Drilling by 35.0% in the 1st quarter. Royal Bank of Canada now owns 55,088 shares of the oil and gas company’s stock valued at $1,191,000 after acquiring an additional 14,288 shares in the last quarter. Finally, Polar Asset Management Partners Inc. purchased a new stake in Precision Drilling during the 1st quarter valued at $3,795,000. Institutional investors own 39.65% of the company’s stock.

Precision Drilling Company Profile

Precision Drilling Corporation, an oilfield services company, provides oil and natural gas drilling and related products and services in North America and the Middle East. The company operates in two segments, Contract Drilling Services, and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry.

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Analyst Recommendations for Precision Drilling (NYSE:PDS)

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