Precision Drilling (NYSE:PDS) Trading Down 2.6% – Here’s Why

Precision Drilling Co. (NYSE:PDS) (TSE:PD) shares were down 2.6% during mid-day trading on Monday . The stock traded as low as $56.69 and last traded at $57.30. Approximately 7,558 shares changed hands during trading, a decline of 89% from the average daily volume of 66,000 shares. The stock had previously closed at $58.85.

Wall Street Analysts Forecast Growth

PDS has been the subject of a number of analyst reports. StockNews.com upgraded Precision Drilling from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st. Piper Sandler increased their price objective on Precision Drilling from $95.00 to $112.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd.

Precision Drilling Price Performance

The business has a fifty day moving average of $65.00 and a two-hundred day moving average of $68.39. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.39 and a current ratio of 1.51. The firm has a market capitalization of $808.87 million, a price-to-earnings ratio of 5.14 and a beta of 1.96.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $1.44 EPS for the quarter, beating the consensus estimate of ($0.62) by $2.06. The firm had revenue of $429.20 million for the quarter, compared to the consensus estimate of $310.13 million. Precision Drilling had a net margin of 11.68% and a return on equity of 9.26%. The company’s quarterly revenue was up .8% on a year-over-year basis. During the same period in the previous year, the company earned $1.21 earnings per share. As a group, research analysts predict that Precision Drilling Co. will post 6.57 EPS for the current fiscal year.

Institutional Investors Weigh In On Precision Drilling

Several hedge funds have recently bought and sold shares of PDS. US Bancorp DE increased its position in Precision Drilling by 56.6% during the 3rd quarter. US Bancorp DE now owns 603 shares of the oil and gas company’s stock worth $37,000 after buying an additional 218 shares during the period. Signaturefd LLC grew its stake 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 valued at $102,000 after acquiring an additional 276 shares in the last quarter. Blue Trust Inc. increased its position in Precision Drilling by 283.7% during the third quarter. Blue Trust Inc. now owns 2,003 shares of the oil and gas company’s stock worth $123,000 after acquiring an additional 1,481 shares during the period. Ritholtz Wealth Management raised its stake in Precision Drilling by 51.9% in the 3rd quarter. Ritholtz Wealth Management now owns 16,193 shares of the oil and gas company’s stock worth $998,000 after purchasing an additional 5,532 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in Precision Drilling in the 2nd quarter worth about $468,000. 48.86% of the stock is currently owned by institutional investors and hedge funds.

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.