Letko Brosseau & Associates Inc. cut its holdings in Precision Drilling Corp (NYSE:PDS) (TSE:PD) by 1.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,596,645 shares of the oil and gas company’s stock after selling 207,600 shares during the period. Letko Brosseau & Associates Inc.’s holdings in Precision Drilling were worth $25,596,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also bought and sold shares of the company. D. E. Shaw & Co. Inc. grew its position in Precision Drilling by 455.9% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 82,639 shares of the oil and gas company’s stock valued at $144,000 after acquiring an additional 67,773 shares in the last quarter. Jane Street Group LLC grew its position in Precision Drilling by 230.9% in the fourth quarter. Jane Street Group LLC now owns 88,596 shares of the oil and gas company’s stock valued at $154,000 after acquiring an additional 61,822 shares in the last quarter. Legal & General Group Plc grew its position in Precision Drilling by 8.1% in the fourth quarter. Legal & General Group Plc now owns 354,187 shares of the oil and gas company’s stock valued at $615,000 after acquiring an additional 26,626 shares in the last quarter. Millennium Management LLC acquired a new stake in Precision Drilling in the fourth quarter valued at approximately $40,000. Finally, FMR LLC grew its position in Precision Drilling by 10.9% in the fourth quarter. FMR LLC now owns 22,033,635 shares of the oil and gas company’s stock valued at $38,250,000 after acquiring an additional 2,158,932 shares in the last quarter. 42.58% of the stock is owned by hedge funds and other institutional investors.
Several analysts have issued reports on the stock. Piper Jaffray Companies lowered their price objective on shares of Precision Drilling from $2.50 to $2.00 and set an “overweight” rating for the company in a research report on Tuesday, July 30th. AltaCorp Capital reiterated an “outperform” rating on shares of Precision Drilling in a research note on Thursday, June 20th. BMO Capital Markets reiterated a “buy” rating on shares of Precision Drilling in a research note on Friday, April 26th. Zacks Investment Research cut Precision Drilling from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, ValuEngine upgraded Precision Drilling from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company. Precision Drilling presently has an average rating of “Buy” and an average target price of $2.47.
Shares of Precision Drilling stock traded down $0.03 on Thursday, hitting $1.08. 32,284 shares of the company’s stock traded hands, compared to its average volume of 824,314. The firm has a market capitalization of $329.03 million, a PE ratio of -4.19 and a beta of 2.25. The company has a current ratio of 1.83, a quick ratio of 1.70 and a debt-to-equity ratio of 1.01. The business’s 50-day simple moving average is $1.67. Precision Drilling Corp has a 52-week low of $1.09 and a 52-week high of $4.12.
Precision Drilling (NYSE:PDS) (TSE:PD) last released its earnings results on Thursday, July 25th. The oil and gas company reported ($0.04) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.04. The company had revenue of $359.00 million during the quarter, compared to analysts’ expectations of $346.66 million. Precision Drilling had a negative return on equity of 2.67% and a negative net margin of 13.63%. The business’s revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.16) EPS. As a group, equities research analysts predict that Precision Drilling Corp will post -0.11 earnings per share for the current fiscal year.
About Precision Drilling
Precision Drilling Corporation, an oilfield services company, provides oil and natural gas drilling and related services and products. The company operates in two segments, Contract Drilling Services, and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry.
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