Precision Drilling (NYSE:PDS) Hits New 52-Week Low – Here’s Why

Precision Drilling Co. (NYSE:PDS) (TSE:PD)’s share price hit 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 changing hands. The stock had previously closed at $58.29.

Analysts Set New Price Targets

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

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

Hedge Funds Weigh In On Precision Drilling

A number of hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company increased its holdings in shares of Precision Drilling by 1.3% during the second quarter. The Manufacturers Life Insurance Company now owns 12,020 shares of the oil and gas company’s stock worth $844,000 after buying an additional 150 shares in the last quarter. US Bancorp DE increased its holdings in Precision Drilling by 56.6% in the 3rd quarter. US Bancorp DE now owns 603 shares of the oil and gas company’s stock worth $37,000 after purchasing an additional 218 shares in the last quarter. Signaturefd LLC raised its position in Precision Drilling by 19.9% in the third quarter. Signaturefd LLC now owns 1,660 shares of the oil and gas company’s stock valued at $102,000 after purchasing an additional 276 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Precision Drilling by 6.6% during the third quarter. Geode Capital Management LLC now owns 6,867 shares of the oil and gas company’s stock valued at $425,000 after purchasing an additional 424 shares in the last quarter. Finally, Northwest & Ethical Investments L.P. increased its stake in shares of Precision Drilling by 22.0% in the third quarter. Northwest & Ethical Investments L.P. now owns 3,359 shares of the oil and gas company’s stock valued at $207,000 after buying an additional 606 shares during the period. 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.