Precision Drilling (NYSE:PDS) Hits New 12-Month Low on Disappointing Earnings

Precision Drilling Co. (NYSE:PDS) (TSE:PD) shares hit a new 52-week low during mid-day trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $53.31 and last traded at $55.43, with a volume of 37051 shares changing hands. The stock had previously closed at $56.23.

The oil and gas company reported $0.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.40 by ($0.64). Precision Drilling had a return on equity of 10.06% and a net margin of 12.52%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on PDS shares. StockNews.com downgraded Precision Drilling from a “buy” rating to a “hold” rating in a report on Friday. TD Securities lowered Precision Drilling from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd.

Institutional Trading of Precision Drilling

Institutional investors have recently modified their holdings of the business. Arrowstreet Capital Limited Partnership lifted its holdings in Precision Drilling by 3,575.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 153,800 shares of the oil and gas company’s stock worth $9,395,000 after buying an additional 149,616 shares during the period. Bank of Montreal Can raised its position in shares of Precision Drilling by 28.0% during the fourth quarter. Bank of Montreal Can now owns 602,954 shares of the oil and gas company’s stock worth $36,832,000 after acquiring an additional 131,843 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC lifted its stake in shares of Precision Drilling by 190.0% in the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 81,500 shares of the oil and gas company’s stock worth $4,982,000 after acquiring an additional 53,400 shares during the period. Canada Pension Plan Investment Board bought a new stake in Precision Drilling in the fourth quarter valued at approximately $2,492,000. Finally, Polar Asset Management Partners Inc. increased its position in Precision Drilling by 111.1% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 68,600 shares of the oil and gas company’s stock valued at $4,226,000 after purchasing an additional 36,100 shares during the period. Institutional investors own 48.86% of the company’s stock.

Precision Drilling Price Performance

The company has a current ratio of 1.54, a quick ratio of 1.41 and a debt-to-equity ratio of 0.47. The business’s 50-day simple moving average is $60.55 and its two-hundred day simple moving average is $63.40. The firm has a market cap of $753.42 million, a price-to-earnings ratio of 4.62 and a beta of 1.91.

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.