Precision Drilling (NYSE:PDS) Lowered to "Outperform" Rating by Raymond James

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD was downgraded by investment analysts at Raymond James from a "strong-buy" rating to an "outperform" rating in a research note issued on Wednesday, MarketBeat.com reports.

Several other brokerages have also commented on PDS. StockNews.com lowered shares of Precision Drilling from a "buy" rating to a "hold" rating in a research note on Monday, March 24th. TD Securities cut Precision Drilling from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 3rd.

Precision Drilling Stock Down 1.7 %

NYSE PDS traded down $0.71 during trading on Wednesday, reaching $41.81. 115,587 shares of the company's stock were exchanged, compared to its average volume of 82,525. The company has a 50 day moving average price of $48.03 and a two-hundred day moving average price of $56.94. The stock has a market cap of $566.44 million, a P/E ratio of 7.77 and a beta of 1.53. Precision Drilling has a 1 year low of $36.20 and a 1 year high of $79.07. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.35 and a current ratio of 1.48.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last posted its earnings results on Wednesday, February 12th. The oil and gas company reported $0.76 earnings per share for the quarter, missing the consensus estimate of $1.40 by ($0.64). Precision Drilling had a return on equity of 6.72% and a net margin of 5.87%. On average, equities research analysts anticipate that Precision Drilling will post 7.1 EPS for the current fiscal year.

Institutional Trading of Precision Drilling

Several institutional investors and hedge funds have recently bought and sold shares of the business. Arrowstreet Capital Limited Partnership increased its stake in Precision Drilling by 3,575.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 153,800 shares of the oil and gas company's stock valued at $9,395,000 after purchasing an additional 149,616 shares during the period. Bank of Montreal Can increased its position in Precision Drilling by 28.0% in the 4th quarter. Bank of Montreal Can now owns 602,954 shares of the oil and gas company's stock valued at $36,832,000 after acquiring an additional 131,843 shares during the period. Millennium Management LLC raised its stake in Precision Drilling by 235.8% during the 4th quarter. Millennium Management LLC now owns 157,433 shares of the oil and gas company's stock valued at $9,621,000 after acquiring an additional 110,546 shares during the last quarter. Bank of America Corp DE lifted its position in Precision Drilling by 33.3% during the 4th quarter. Bank of America Corp DE now owns 396,072 shares of the oil and gas company's stock worth $24,188,000 after acquiring an additional 98,836 shares during the period. Finally, Grantham Mayo Van Otterloo & Co. LLC grew its stake in shares of Precision Drilling by 190.0% in the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 81,500 shares of the oil and gas company's stock valued at $4,982,000 after purchasing an additional 53,400 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.