Stock Rating Runner: Precision Drilling (NYSE:PDS) Hit With Upgrade by Tudor Pickering, Time to Buy?

November 29, 2016 - By Michael Collier

Stock Rating Runner:  Precision Drilling (NYSE:PDS) Hit With Upgrade by Tudor Pickering, Time to Buy?

Precision Drilling (NYSE:PDS) Upgrade

In analysts report sent to investors and clients on Tuesday, 29 November, Tudor Pickering has upped Precision Drilling (NYSE:PDS) stock to a Buy. PDS’s old rating was Hold.

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 24.83% above today’s ($4.51) stock price. Precision Drilling Corporation has been the topic of 20 analyst reports since July 24, 2015 according to StockzIntelligence Inc. The stock of Precision Drilling Corp (USA) (NYSE:PDS) has “Underperform” rating given on Wednesday, April 20 by Raymond James. Cowen & Co maintained the stock with “Outperform” rating in Tuesday, February 16 report. The company was upgraded on Tuesday, September 6 by Jefferies. Jefferies maintained it with “Underweight” rating and $4 target price in Monday, July 11 report. The company was initiated on Friday, January 29 by Canaccord Genuity. As per Friday, September 4, the company rating was maintained by Credit Suisse. The firm earned “Market Perform” rating on Tuesday, May 31 by Raymond James. The rating was downgraded by Credit Suisse to “Underperform” on Wednesday, June 1. Scotia Capital upgraded Precision Drilling Corp (USA) (NYSE:PDS) on Friday, July 24 to “Outperform” rating. Simmons & Co downgraded the stock to “Neutral” rating in Monday, October 26 report.

About 880,650 shares traded hands. 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 $1.26 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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