Precision Drilling (NYSE:PDS) Lowered to Hold Rating by TD Securities

Precision Drilling (NYSE:PDS) (TSE:PD) was downgraded by equities researchers at TD Securities from a “strong-buy” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

Precision Drilling Trading Up 4.8 %

PDS opened at $58.25 on Monday. The stock’s fifty day moving average is $61.41 and its two-hundred day moving average is $64.16. The company has a market capitalization of $802.74 million, a P/E ratio of 4.92 and a beta of 1.91. Precision Drilling has a 52 week low of $54.49 and a 52 week high of $79.07. The company has a quick ratio of 1.41, a current ratio of 1.54 and a debt-to-equity ratio of 0.47.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PDS. Polar Asset Management Partners Inc. boosted 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 acquiring an additional 36,100 shares in the last quarter. Mountain Lake Investment Management LLC boosted its position in shares of Precision Drilling by 107.9% in the 4th quarter. Mountain Lake Investment Management LLC now owns 51,981 shares of the oil and gas company’s stock worth $3,174,000 after purchasing an additional 26,981 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of 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 worth $3,961,000 after purchasing an additional 11,331 shares in the last quarter. National Bank of Canada FI boosted its position in shares of Precision Drilling by 1.4% in the 3rd 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. acquired a new stake in shares of Precision Drilling in the 3rd quarter worth $472,000. 48.86% of the stock is currently owned by hedge funds and other institutional investors.

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.