Precision Drilling (NYSE:PDS) Stock Price Down 7.4% – Should You Sell?

Shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) dropped 7.4% on Wednesday . The stock traded as low as $72.96 and last traded at $72.4570. Approximately 40,328 shares changed hands during trading, a decline of 66% from the average session volume of 117,933 shares. The stock had previously closed at $78.27.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on PDS shares. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Precision Drilling in a research note on Friday, May 1st. BMO Capital Markets reiterated an “outperform” rating on shares of Precision Drilling in a research note on Thursday, April 30th. Zacks Research lowered shares of Precision Drilling from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 1st. TD Securities reissued a “hold” rating on shares of Precision Drilling in a research report on Friday, May 1st. Finally, Weiss Ratings downgraded shares of Precision Drilling from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, June 23rd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $122.33.

Precision Drilling Stock Performance

The company’s 50-day moving average is $86.11 and its two-hundred day moving average is $87.77. The company has a market capitalization of $934.14 million, a P/E ratio of -77.34 and a beta of 0.76. The company has a quick ratio of 1.52, a current ratio of 1.70 and a debt-to-equity ratio of 0.41.

Institutional Trading of Precision Drilling

Hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its position in Precision Drilling by 180.9% during the third quarter. JPMorgan Chase & Co. now owns 37,579 shares of the oil and gas company’s stock valued at $2,118,000 after purchasing an additional 24,203 shares in the last quarter. Equinox Partners Investment Management LLC bought a new stake in Precision Drilling during the fourth quarter worth about $2,161,000. Hillsdale Investment Management Inc. boosted its holdings in shares of Precision Drilling by 67.0% in the 1st quarter. Hillsdale Investment Management Inc. now owns 487,434 shares of the oil and gas company’s stock worth $47,957,000 after purchasing an additional 195,598 shares in the last quarter. Versor Investments LP bought a new position in shares of Precision Drilling during the 4th quarter valued at about $475,000. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of Precision Drilling by 11,668,900.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 116,690 shares of the oil and gas company’s stock valued at $8,388,000 after purchasing an additional 116,689 shares during the last quarter. 48.86% of the stock is owned by institutional investors.

About Precision Drilling

Precision Drilling Corporation (NYSE: PDS) is a Calgary, Alberta–based oilfield services company that has provided drilling solutions since its founding in 1951. With more than seven decades of industry experience, the company delivers contract drilling services, directional and horizontal drilling, well servicing, and a suite of specialized equipment designed to meet the evolving needs of exploration and production companies worldwide.

The company’s core business activities include operating a fleet of onshore drilling rigs, offering managed pressure drilling, measurement-while-drilling (MWD) and logging-while-drilling (LWD) services, and providing completion and workover rigs.