Precision Drilling (NYSE:PDS) Shares Gap Down – Time to Sell?

Precision Drilling Corporation (NYSE:PDS) (TSE:PD)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $96.99, but opened at $93.56. Precision Drilling shares last traded at $96.23, with a volume of 19,160 shares trading hands.

Analyst Ratings Changes

Several brokerages have recently issued reports on PDS. Loop Capital set a $122.00 price objective on Precision Drilling in a research report on Monday, March 2nd. Royal Bank Of Canada upped their target price on Precision Drilling from $124.00 to $140.00 and gave the company an “outperform” rating in a research note on Monday, March 23rd. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Precision Drilling in a research note on Friday, May 1st. Wall Street Zen lowered Precision Drilling from a “buy” rating to a “hold” rating in a research note on Sunday, March 22nd. Finally, Piper Sandler restated an “overweight” rating and issued a $105.00 target price (up from $81.00) on shares of Precision Drilling in a report on Tuesday, February 17th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $122.33.

Precision Drilling Price Performance

The company has a current ratio of 1.70, a quick ratio of 1.52 and a debt-to-equity ratio of 0.41. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of -99.43 and a beta of 0.79. The company has a 50 day moving average of $94.46 and a 200 day moving average of $81.26.

Institutional Trading of Precision Drilling

Several institutional investors and hedge funds have recently bought and sold shares of PDS. Cubist Systematic Strategies LLC bought a new stake in Precision Drilling during the first quarter worth about $45,000. Goldman Sachs Group Inc. raised its holdings in Precision Drilling by 28.4% during the first quarter. Goldman Sachs Group Inc. now owns 138,896 shares of the oil and gas company’s stock worth $6,475,000 after acquiring an additional 30,690 shares in the last quarter. Geode Capital Management LLC raised its holdings in Precision Drilling by 20.3% during the second quarter. Geode Capital Management LLC now owns 65,512 shares of the oil and gas company’s stock worth $3,095,000 after acquiring an additional 11,056 shares in the last quarter. Creative Planning bought a new stake in Precision Drilling during the second quarter worth about $378,000. Finally, Raymond James Financial Inc. bought a new stake in Precision Drilling during the second quarter worth about $57,000. Institutional investors own 48.86% of the company’s stock.

Precision Drilling Company Profile

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.