Precision Drilling (NYSE:PDS) Sets New 52-Week Low After Earnings Miss

Precision Drilling Co. (NYSE:PDS) (TSE:PD)’s stock price reached a new 52-week low during trading on Thursday following a dissappointing earnings announcement. The company traded as low as $53.31 and last traded at $55.43, with a volume of 37051 shares changing hands. The stock had previously closed at $56.23.

The oil and gas company reported $0.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.40 by ($0.64). Precision Drilling had a return on equity of 10.06% and a net margin of 12.52%.

Analyst Ratings Changes

Separately, TD Securities lowered shares of Precision Drilling from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its position in Precision Drilling by 6.6% during the third quarter. Geode Capital Management LLC now owns 6,867 shares of the oil and gas company’s stock valued at $425,000 after purchasing an additional 424 shares during the period. Franklin Resources Inc. raised its position in shares of Precision Drilling by 21.9% in the third quarter. Franklin Resources Inc. now owns 63,114 shares of the oil and gas company’s stock worth $3,961,000 after acquiring an additional 11,331 shares during the period. National Bank of Canada FI raised its position in shares of Precision Drilling by 1.4% in the third quarter. National Bank of Canada FI now owns 726,284 shares of the oil and gas company’s stock worth $44,740,000 after acquiring an additional 10,318 shares during the period. Polar Asset Management Partners Inc. raised its position in shares of Precision Drilling by 111.1% in the third quarter. Polar Asset Management Partners Inc. now owns 68,600 shares of the oil and gas company’s stock worth $4,226,000 after acquiring an additional 36,100 shares during the period. Finally, Signaturefd LLC raised its position in shares of Precision Drilling by 19.9% in the third quarter. Signaturefd LLC now owns 1,660 shares of the oil and gas company’s stock worth $102,000 after acquiring an additional 276 shares during the period. 48.86% of the stock is currently owned by institutional investors and hedge funds.

Precision Drilling Stock Performance

The business’s 50-day simple moving average is $60.64 and its two-hundred day simple moving average is $63.52. The firm has a market cap of $767.77 million, a price-to-earnings ratio of 4.71 and a beta of 1.91. The company has a quick ratio of 1.41, a current ratio of 1.54 and a debt-to-equity ratio of 0.47.

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.