Precision Drilling (NYSE:PDS) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Precision Drilling (NYSE:PDS) (TSE:PD) from a hold rating to a buy rating in a research note released on Saturday,Wall Street Zen reports.

A number of other research analysts also recently commented on PDS. Weiss Ratings reiterated a “sell (d+)” rating on shares of Precision Drilling in a research note on Friday, September 18th. National Bank Financial upgraded Precision Drilling from a “sector perform” rating to an “outperform” rating in a research note on Monday, October 26th. Zacks Research upgraded Precision Drilling from a “strong sell” rating to a “hold” rating in a research report on Monday, September 28th. TD Securities upgraded Precision Drilling from a “hold” rating to a “buy” rating and raised their target price for the company from $116.00 to $150.00 in a research report on Tuesday, October 20th. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of Precision Drilling in a research note on Wednesday. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $129.25.

Precision Drilling Stock Performance

NYSE:PDS opened at $106.01 on Friday. The firm’s fifty day simple moving average is $88.70 and its 200 day simple moving average is $87.75. The company has a current ratio of 1.48, a quick ratio of 1.29 and a debt-to-equity ratio of 0.39. Precision Drilling has a twelve month low of $56.10 and a twelve month high of $112.03. The firm has a market capitalization of $1.33 billion, a price-to-earnings ratio of -196.31 and a beta of 0.95.

Hedge Funds Weigh In On Precision Drilling

Hedge funds have recently added to or reduced their stakes in the company. State of Wyoming bought a new position in Precision Drilling in the third quarter worth $32,000. Group One Trading LLC acquired a new stake in Precision Drilling during the first quarter worth $81,000. Plato Investment Management Ltd bought a new stake in Precision Drilling in the 2nd quarter valued at $190,000. Signaturefd LLC increased its holdings in Precision Drilling by 4.7% in the 3rd quarter. Signaturefd LLC now owns 3,054 shares of the oil and gas company’s stock valued at $246,000 after buying an additional 137 shares during the period. Finally, Pictet Asset Management Holding SA acquired a new position in shares of Precision Drilling in the 1st quarter valued at $300,000. Institutional investors and hedge funds own 48.86% of the company’s stock.

About Precision Drilling

Precision Drilling Corporation is an oilfield services company headquartered in Calgary, Alberta. The company provides contract drilling and related services to oil and natural gas exploration and production companies, with operations serving customers primarily in Canada and the United States as well as selected international markets.

Its Contract Drilling Services segment operates land-based drilling rigs and provides associated equipment, personnel and technical expertise. Precision also offers directional drilling and other technologies designed to support the construction of complex horizontal and extended-reach wells.

Through its Completion and Production Services business, the company provides well servicing, snubbing, rental equipment, camp and catering services, and other support activities used during well completion, maintenance and production.