Precision Drilling (NYSE:PDS) Raised to “Buy” at StockNews.com

Precision Drilling (NYSE:PDS) (TSE:PD) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a report issued on Friday.

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

Precision Drilling Price Performance

Shares of NYSE:PDS opened at $49.67 on Friday. The stock has a market cap of $680.93 million, a PE ratio of 9.23 and a beta of 1.91. The company’s fifty day moving average is $59.31 and its 200 day moving average is $62.15. Precision Drilling has a 52 week low of $49.11 and a 52 week 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.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its earnings results on Wednesday, February 12th. The oil and gas company reported $0.76 EPS 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%. Research analysts anticipate that Precision Drilling will post 7.1 earnings per share for the current year.

Hedge Funds Weigh In On Precision Drilling

A number of hedge funds have recently modified their holdings of PDS. US Bancorp DE increased its position in shares of Precision Drilling by 56.6% in the third quarter. US Bancorp DE now owns 603 shares of the oil and gas company’s stock valued at $37,000 after acquiring an additional 218 shares during the period. Sumitomo Mitsui Trust Group Inc. purchased a new position in shares of Precision Drilling during the third quarter valued at about $472,000. Northwest & Ethical Investments L.P. increased its position in shares of Precision Drilling by 22.0% during the third quarter. Northwest & Ethical Investments L.P. now owns 3,359 shares of the oil and gas company’s stock valued at $207,000 after buying an additional 606 shares during the period. PDT Partners LLC increased its position in shares of Precision Drilling by 182.8% during the third quarter. PDT Partners LLC now owns 8,264 shares of the oil and gas company’s stock valued at $509,000 after buying an additional 5,342 shares during the period. Finally, Polar Asset Management Partners Inc. increased its position in shares of Precision Drilling by 111.1% during the third quarter. Polar Asset Management Partners Inc. now owns 68,600 shares of the oil and gas company’s stock valued at $4,226,000 after buying an additional 36,100 shares during the period. Hedge funds and other institutional investors 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.