Precision Drilling (NYSE:PDS) Stock Price Down 2.6% – Should You Sell?

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

Analyst Ratings Changes

Several equities analysts have issued reports on the company. StockNews.com upgraded shares of Precision Drilling from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Piper Sandler lifted their price target on shares of Precision Drilling from $95.00 to $112.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd.

Precision Drilling Price Performance

The stock has a 50 day moving average price of $64.52 and a two-hundred day moving average price of $68.19. The firm has a market cap of $817.22 million, a PE ratio of 5.02 and a beta of 1.96. The company has a quick ratio of 1.39, a current ratio of 1.51 and a debt-to-equity ratio of 0.52.

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

Institutional Trading of Precision Drilling

A number of hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company increased its holdings in Precision Drilling by 1.3% in the second quarter. The Manufacturers Life Insurance Company now owns 12,020 shares of the oil and gas company’s stock valued at $844,000 after buying an additional 150 shares in the last quarter. US Bancorp DE grew its position in shares of Precision Drilling by 56.6% during the 3rd 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. Signaturefd LLC increased its stake in shares of Precision Drilling by 19.9% in the 3rd quarter. Signaturefd LLC now owns 1,660 shares of the oil and gas company’s stock valued at $102,000 after purchasing an additional 276 shares in the last quarter. Blue Trust Inc. raised its holdings in Precision Drilling by 2,800.0% in the 2nd quarter. Blue Trust Inc. now owns 522 shares of the oil and gas company’s stock worth $35,000 after purchasing an additional 504 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Precision Drilling by 14.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,270 shares of the oil and gas company’s stock worth $300,000 after purchasing an additional 545 shares during the period. Hedge funds and other institutional investors own 48.86% of the company’s stock.

Precision Drilling Company Profile

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.