Precision Drilling (NYSE:PDS) Sets New 1-Year Low – What’s Next?

Precision Drilling Co. (NYSE:PDS) (TSE:PD)’s share price reached a new 52-week low on Monday . The company traded as low as $54.90 and last traded at $55.01, with a volume of 31701 shares traded. The stock had previously closed at $58.29.

Analyst Upgrades and Downgrades

Separately, TD Securities cut Precision Drilling from a “strong-buy” rating to a “hold” rating in a research report on Monday.

Precision Drilling Price Performance

The company has a market cap of $802.74 million, a price-to-earnings ratio of 4.92 and a beta of 1.91. 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 company has a fifty day moving average price of $61.41 and a two-hundred day moving average price of $64.16.

Institutional Investors Weigh In On Precision Drilling

Several institutional investors and hedge funds have recently bought and sold shares of the business. Polar Asset Management Partners Inc. lifted its position in shares of 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 worth $4,226,000 after buying an additional 36,100 shares during the period. Mountain Lake Investment Management LLC increased its holdings in Precision Drilling by 107.9% during the 4th 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 purchasing an additional 26,981 shares in the last quarter. Franklin Resources Inc. raised its position in Precision Drilling by 21.9% in the 3rd quarter. Franklin Resources Inc. now owns 63,114 shares of the oil and gas company’s stock valued at $3,961,000 after purchasing an additional 11,331 shares during the last quarter. National Bank of Canada FI boosted its stake in Precision Drilling by 1.4% in the third quarter. National Bank of Canada FI now owns 726,284 shares of the oil and gas company’s stock worth $44,740,000 after purchasing an additional 10,318 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. bought a new stake in shares of Precision Drilling during the third quarter worth $472,000. Institutional investors own 48.86% of the company’s stock.

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.