Market Rating: Tudor Pickering Gives Precision Drilling Corporation (NYSE:PDS) Higher Rating. Lost Its “Hold” Rating

November 29, 2016 - By Richard Conner

Market Rating:  Tudor Pickering Gives Precision Drilling Corporation (NYSE:PDS) Higher Rating. Lost Its

Precision Drilling Corporation (NYSE:PDS) Upgrade

In a a research report published on 29 November, professional analysts at Tudor Pickering’s research division upped Precision Drilling Corporation (NYSE:PDS)‘s stock from a “Hold” to “Buy”.

Precision Drilling Corp (USA) (NYSE:PDS) Ratings Coverage

Out of 11 analysts covering Precision Drilling Corporation (NYSE:PDS), 5 rate it a “Buy”, 1 “Sell”, while 5 “Hold”. This means 45% are positive. $8.35 is the highest target while $2 is the lowest. The $5.63 average target is 24.28% above today’s ($4.53) stock price. Precision Drilling Corporation has been the topic of 20 analyst reports since July 24, 2015 according to StockzIntelligence Inc. The firm has “Overweight” rating by Morgan Stanley given on Tuesday, April 19. Scotia Capital upgraded Precision Drilling Corp (USA) (NYSE:PDS) on Friday, July 24 to “Outperform” rating. The firm has “Buy” rating given on Thursday, September 15 by DA Davidson. Cowen & Co maintained it with “Outperform” rating and $4.40 target price in Tuesday, February 16 report. Raymond James downgraded the shares of PDS in a report on Wednesday, April 20 to “Underperform” rating. RBC Capital Markets maintained the stock with “Outperform” rating in Friday, October 23 report. As per Friday, January 29, the company rating was initiated by Canaccord Genuity. On Friday, October 9 the stock rating was downgraded by Scotia Capital to “Sector Perform”. The firm has “Outperform” rating by RBC Capital Markets given on Friday, February 12. Jefferies upgraded Precision Drilling Corp (USA) (NYSE:PDS) on Tuesday, September 6 to “Hold” rating.

The stock decreased 1.74% or $0.08 on November 29, hitting $4.53. About 2.84M shares traded hands or 0.35% up from the average. Precision Drilling Corp (USA) (NYSE:PDS) has declined 2.33% since April 26, 2016 and is downtrending. It has underperformed by 7.59% the S&P500.

Analysts await Precision Drilling Corp (USA) (NYSE:PDS) to report earnings on February, 9. They expect $-0.14 earnings per share, down 250.00% or $0.10 from last year’s $-0.04 per share. After $-0.13 actual earnings per share reported by Precision Drilling Corp (USA) for the previous quarter, Wall Street now forecasts 7.69% negative EPS growth.

Precision Drilling Corporation provides contract drilling, and completion and production services primarily to oil and natural gas exploration and production companies in Canada, the United States and certain international locations. The company has a market cap of $1.27 billion. It operates through two divisions: Contract Drilling Services, and Completion and Production Services. It currently has negative earnings. The Contract Drilling Services segment includes Drilling rig activities in Canada, the United States and international, and Directional drilling activities in Canada and the United States.

According to Zacks Investment Research, “Precision Drilling Corporation is an oilfield services company. The Company provides contract drilling, well servicing and strategic support services to the oil and gas industry in North America and internationally. It provides land drilling, directional drilling, turnkey drilling, camp and catering services, procures and distributes oilfield supplies. It also offers service rigs for well completion and workover services, snubbing services and wastewater treatment services, tubulars, well control equipment, wellsite accommodations. Precision Drilling Corporation is headquartered in Calgary, Canada.”

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