Precision Drilling (NYSE:PDS) Downgraded by Raymond James to Market Perform

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Raymond James lowered shares of Precision Drilling (NYSE:PDS) (TSE:PD) from an outperform rating to a market perform rating in a report published on Wednesday morning, Briefing.com Automated Import reports. The firm currently has $0.90 target price on the oil and gas company’s stock.

A number of other research analysts have also recently commented on the stock. Morgan Stanley cut shares of Precision Drilling from an overweight rating to an equal weight rating in a report on Monday, March 16th. Royal Bank of Canada increased their target price on shares of Precision Drilling from $1.10 to $1.25 and gave the stock an outperform rating in a report on Friday, May 1st. Tudor Pickering reiterated a hold rating on shares of Precision Drilling in a report on Wednesday, March 25th. ValuEngine upgraded shares of Precision Drilling from a hold rating to a buy rating in a report on Friday, May 1st. Finally, Piper Sandler increased their target price on shares of Precision Drilling from $0.30 to $0.60 and gave the stock a neutral rating in a report on Thursday, May 28th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $1.51.

Shares of NYSE PDS traded down $0.10 during mid-day trading on Wednesday, reaching $0.75. The company had a trading volume of 29,717 shares, compared to its average volume of 1,248,538. The business’s 50-day moving average is $0.55 and its 200-day moving average is $0.92. The company has a current ratio of 2.04, a quick ratio of 1.90 and a debt-to-equity ratio of 1.00. The stock has a market cap of $237.29 million, a price-to-earnings ratio of -12.50 and a beta of 3.20. Precision Drilling has a 52 week low of $0.27 and a 52 week high of $2.08.

Several hedge funds have recently added to or reduced their stakes in the business. Bank of Montreal Can lifted its position in shares of Precision Drilling by 11.8% during the fourth quarter. Bank of Montreal Can now owns 3,416,812 shares of the oil and gas company’s stock valued at $4,784,000 after buying an additional 359,745 shares during the last quarter. Norges Bank purchased a new position in shares of Precision Drilling in the 4th quarter valued at approximately $2,859,000. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Precision Drilling by 4.7% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,769,185 shares of the oil and gas company’s stock valued at $2,469,000 after purchasing an additional 79,829 shares during the last quarter. Two Sigma Advisers LP raised its position in shares of Precision Drilling by 183.2% in the 1st quarter. Two Sigma Advisers LP now owns 1,728,080 shares of the oil and gas company’s stock valued at $542,000 after purchasing an additional 1,117,900 shares during the last quarter. Finally, Two Sigma Investments LP raised its position in shares of Precision Drilling by 70.0% in the 1st quarter. Two Sigma Investments LP now owns 1,498,227 shares of the oil and gas company’s stock valued at $470,000 after purchasing an additional 617,037 shares during the last quarter. 28.21% of the stock is owned by institutional investors and hedge funds.

About Precision Drilling

Precision Drilling Corporation, an oilfield services company, provides oil and natural gas drilling and related services and products. The company operates in two segments, Contract Drilling Services, and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry.

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