Precision Drilling (NYSE:PDS) Stock Rating Lowered by Raymond James

Precision Drilling (NYSE:PDS) (TSE:PD) was downgraded by Raymond James from a “strong-buy” rating to an “outperform” rating in a report released on Wednesday,Finviz reports.

A number of other brokerages have also weighed in on PDS. TD Securities lowered Precision Drilling from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. StockNews.com lowered shares of Precision Drilling from a “buy” rating to a “hold” rating in a research note on Monday, March 24th.

Precision Drilling Stock Up 0.5 %

Shares of NYSE PDS traded up $0.19 during trading hours on Wednesday, hitting $38.23. 105,088 shares of the stock were exchanged, compared to its average volume of 80,547. The company has a market cap of $517.87 million, a PE ratio of 7.11 and a beta of 1.53. Precision Drilling has a 12 month low of $34.43 and a 12 month high of $79.07. The company has a quick ratio of 1.35, a current ratio of 1.48 and a debt-to-equity ratio of 0.48. The firm has a fifty day moving average price of $49.24 and a 200-day moving average price of $57.52.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings data on Wednesday, February 12th. The oil and gas company reported $0.76 earnings per share for the quarter, missing analysts’ consensus estimates of $1.40 by ($0.64). Precision Drilling had a return on equity of 6.72% and a net margin of 5.87%. On average, sell-side analysts expect that Precision Drilling will post 7.1 EPS for the current year.

Institutional Investors Weigh In On Precision Drilling

A number of institutional investors and hedge funds have recently modified their holdings of PDS. Arrowstreet Capital Limited Partnership increased its holdings in Precision Drilling by 3,575.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 153,800 shares of the oil and gas company’s stock worth $9,395,000 after buying an additional 149,616 shares during the period. Bank of Montreal Can raised its holdings in shares of Precision Drilling by 28.0% during the fourth quarter. Bank of Montreal Can now owns 602,954 shares of the oil and gas company’s stock worth $36,832,000 after purchasing an additional 131,843 shares during the last quarter. Millennium Management LLC lifted its position in Precision Drilling by 235.8% during the fourth quarter. Millennium Management LLC now owns 157,433 shares of the oil and gas company’s stock valued at $9,621,000 after purchasing an additional 110,546 shares during the period. Bank of America Corp DE boosted its holdings in Precision Drilling by 33.3% in the fourth quarter. Bank of America Corp DE now owns 396,072 shares of the oil and gas company’s stock valued at $24,188,000 after purchasing an additional 98,836 shares during the last quarter. Finally, Grantham Mayo Van Otterloo & Co. LLC raised its stake in shares of Precision Drilling by 190.0% during the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 81,500 shares of the oil and gas company’s stock valued at $4,982,000 after buying an additional 53,400 shares during the last quarter. Institutional investors and hedge funds own 48.86% of the company’s stock.

About Precision Drilling

Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates through Contract Drilling Services and Completion and Production Services segments.