Precision Drilling (NYSE:PDS) Reaches New 52-Week Low – Here’s Why

Shares of Precision Drilling Co. (NYSE:PDS) (TSE:PD) reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $53.27 and last traded at $53.40, with a volume of 93355 shares trading hands. The stock had previously closed at $53.98.

Analysts Set New Price Targets

Several analysts have commented on PDS shares. TD Securities downgraded Precision Drilling from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. StockNews.com cut Precision Drilling from a “buy” rating to a “hold” rating in a research report on Friday, February 14th.

Precision Drilling Price Performance

The stock has a market capitalization of $732.01 million, a PE ratio of 9.93 and a beta of 1.91. The firm’s fifty day moving average price is $59.93 and its two-hundred day moving average price is $62.74. 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 announced its earnings results on Wednesday, February 12th. The oil and gas company reported $0.76 earnings per share for the quarter, missing analysts’ consensus estimates of $1.40 by ($0.64). Precision Drilling had a net margin of 5.87% and a return on equity of 6.72%. On average, equities analysts predict that Precision Drilling Co. will post 7.1 earnings per share for the current year.

Institutional Trading of Precision Drilling

A number of hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC grew its stake in shares of Precision Drilling by 6.6% during the 3rd 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. boosted its holdings 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 buying an additional 11,331 shares during the last quarter. Mountain Lake Investment Management LLC grew its position in Precision Drilling by 107.9% during the fourth quarter. Mountain Lake Investment Management LLC now owns 51,981 shares of the oil and gas company’s stock valued at $3,174,000 after buying an additional 26,981 shares during the period. National Bank of Canada FI grew its position in Precision Drilling by 1.4% during the third quarter. National Bank of Canada FI now owns 726,284 shares of the oil and gas company’s stock valued at $44,740,000 after buying an additional 10,318 shares during the period. Finally, Signaturefd LLC increased its holdings in Precision Drilling by 19.9% during the third quarter. Signaturefd LLC now owns 1,660 shares of the oil and gas company’s stock valued at $102,000 after buying an additional 276 shares during the last quarter. 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.