Precision Drilling (NYSE:PDS) Downgraded by Freedom Broker to Hold

Precision Drilling (NYSE:PDS) (TSE:PD) was downgraded by equities research analysts at Freedom Broker from a “buy” rating to a “hold” rating in a report released on Friday, Benzinga reports. They currently have a $121.00 price target on the oil and gas company’s stock, up from their prior price target of $116.00. Freedom Broker‘s price objective would indicate a potential upside of 14.14% from the company’s previous close.

Several other research analysts also recently weighed in on PDS. Weiss Ratings restated a “sell (d+)” rating on shares of Precision Drilling in a research note on Friday, September 18th. National Bank Financial raised Precision Drilling from a “sector perform” rating to an “outperform” rating in a report on Monday, October 26th. TD Securities raised Precision Drilling from a “hold” rating to a “buy” rating and increased their price target for the company from $116.00 to $150.00 in a research note on Tuesday, October 20th. BMO Capital Markets restated an “outperform” rating on shares of Precision Drilling in a report on Wednesday. Finally, Wall Street Zen raised Precision Drilling from a “hold” rating to a “buy” rating in a research note on Saturday. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $127.60.

Precision Drilling Trading Up 0.2%

Shares of Precision Drilling stock opened at $106.01 on Friday. Precision Drilling has a fifty-two week low of $56.10 and a fifty-two week high of $112.03. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.32 and a current ratio of 1.48. The company has a market capitalization of $1.33 billion, a P/E ratio of -196.31 and a beta of 0.95. The company has a fifty day moving average of $88.70 and a 200 day moving average of $87.75.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PDS. Amova Asset Management Americas Inc. grew its position in Precision Drilling by 2.1% in the 1st quarter. Amova Asset Management Americas Inc. now owns 6,171 shares of the oil and gas company’s stock valued at $606,000 after acquiring an additional 128 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in Precision Drilling by 2.1% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 6,171 shares of the oil and gas company’s stock valued at $607,000 after buying an additional 128 shares during the period. Signaturefd LLC boosted its position 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. Amundi boosted its position in Precision Drilling by 6.9% in the 1st quarter. Amundi now owns 3,095 shares of the oil and gas company’s stock valued at $305,000 after buying an additional 201 shares during the period. Finally, State of Wyoming purchased a new position in shares of Precision Drilling during the third quarter worth approximately $32,000. Hedge funds and other institutional investors 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.