Precision Drilling Correlations
| PDS Stock | USD 68.86 1.32 1.88% |
The correlation of Precision Drilling is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Precision Drilling moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Precision Drilling moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Very weak diversification
The correlation between Precision Drilling and NYA is 0.44 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Precision Drilling and NYA in the same portfolio, assuming nothing else is changed.
Precision |
The ability to find closely correlated positions to Precision Drilling could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Precision Drilling when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Precision Drilling - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Precision Drilling to buy it.
Moving together with Precision Stock
| 0.88 | DO | Diamond Offshore Drilling Earnings Call This Week | PairCorr |
| 0.83 | HP | Helmerich and Payne Fiscal Year End 13th of November 2024 | PairCorr |
| 0.86 | NE | Noble plc Earnings Call This Week | PairCorr |
| 0.83 | RIG | Transocean Financial Report 6th of May 2024 | PairCorr |
| 0.89 | SDRL | Seadrill Limited Financial Report 28th of May 2024 | PairCorr |
| 0.85 | E | Eni SpA ADR | PairCorr |
| 0.61 | DINO | HF Sinclair Corp | PairCorr |
| 0.73 | AE | Adams Resources Energy Earnings Call This Week | PairCorr |
| 0.7 | AM | Antero Midstream Partners | PairCorr |
| 0.75 | AR | Antero Resources Corp | PairCorr |
| 0.88 | BP | BP PLC ADR Earnings Call This Week | PairCorr |
| 0.85 | DK | Delek Energy Earnings Call This Week | PairCorr |
Moving against Precision Stock
Related Correlations Analysis
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Correlation Matchups
Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.High positive correlations
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between Precision Stock performing well and Precision Drilling Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Precision Drilling's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.| Mean Deviation | Jensen Alpha | Sortino Ratio | Treynor Ratio | Semi Deviation | Expected Shortfall | Potential Upside | Value @Risk | Maximum Drawdown | ||
|---|---|---|---|---|---|---|---|---|---|---|
| HP | 1.58 | 0.09 | 0.07 | 0.11 | 1.60 | 2.91 | 16.71 | |||
| NBR | 2.32 | (0.38) | 0.00 | (0.11) | 0.00 | 4.53 | 12.61 | |||
| DO | 1.96 | (0.12) | 0.00 | (0.03) | 0.00 | 3.48 | 12.21 | |||
| SDRL | 1.35 | 0.02 | 0.02 | 0.06 | 1.59 | 3.57 | 7.62 | |||
| PTEN | 1.83 | (0.05) | 0.00 | 0.02 | 1.92 | 3.86 | 17.29 | |||
| NE | 1.34 | (0.07) | (0.03) | 0.00 | 1.62 | 3.10 | 6.47 | |||
| BORR | 2.49 | (0.52) | 0.00 | (0.21) | 0.00 | 3.69 | 17.00 | |||
| RIG | 2.21 | (0.19) | 0.00 | (0.06) | 0.00 | 4.19 | 12.42 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Precision Drilling without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.Did you try this?
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Precision Drilling Corporate Directors
Precision Drilling corporate directors refer to members of a Precision Drilling board of directors. The board of directors generally takes responsibility for the Precision Drilling's affairs and long-term direction of the entity. A corporate director does not make decisions for the corporation on his own. As a member of the board of directors, she or he must function as a part of a group that makes decisions on behalf of the business only by the board of directors' meetings. To pass a resolution, a majority of Precision Drilling's board members must vote for the resolution. The Precision Drilling board of directors' duties also include the election, removal, and supervision of officers, including the adoption, amendment, and repeal of bylaws.| Catherine Hughes | Independent Director | Profile | |
| Susan MacKenzie | Independent Director | Profile | |
| Kevin Meyers | Independent Director | Profile | |
| William Donovan | Independent Director | Profile |
Already Invested in Precision Drilling?
The danger of trading Precision Drilling is mainly related to its market volatility and Company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Precision Drilling is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Precision Drilling. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Precision Drilling is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
When determining whether Precision Drilling is a strong investment it is important to analyze Precision Drilling's competitive position within its industry, examining market share, product or service uniqueness, and competitive advantages. Beyond financials and market position, potential investors should also consider broader economic conditions, industry trends, and any regulatory or geopolitical factors that may impact Precision Drilling's future performance. For an informed investment choice regarding Precision Stock, refer to the following important reports: Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Precision Drilling. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in unemployment. For more information on how to buy Precision Stock please use our How to Invest in Precision Drilling guide.Note that the Precision Drilling information on this page should be used as a complementary analysis to other Precision Drilling's statistical models used to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Complementary Tools for Precision Stock analysis
When running Precision Drilling's price analysis, check to measure Precision Drilling's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Precision Drilling is operating at the current time. Most of Precision Drilling's value examination focuses on studying past and present price action to predict the probability of Precision Drilling's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Precision Drilling's price. Additionally, you may evaluate how the addition of Precision Drilling to your portfolios can decrease your overall portfolio volatility.
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Is Precision Drilling's industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Precision Drilling. If investors know Precision will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Precision Drilling listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth (0.55) | Earnings Share 12.06 | Revenue Per Share 136.766 | Quarterly Revenue Growth (0.06) | Return On Assets 0.0524 |
The market value of Precision Drilling is measured differently than its book value, which is the value of Precision that is recorded on the company's balance sheet. Investors also form their own opinion of Precision Drilling's value that differs from its market value or its book value, called intrinsic value, which is Precision Drilling's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Precision Drilling's market value can be influenced by many factors that don't directly affect Precision Drilling's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Precision Drilling's value and its price as these two are different measures arrived at by different means. Investors typically determine if Precision Drilling is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Precision Drilling's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.