Letko Brosseau & Associates Inc. reduced its position in Precision Drilling Corp (NYSE:PDS) (TSE:PD) by 39.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,238,075 shares of the oil and gas company’s stock after selling 4,098,120 shares during the quarter. Letko Brosseau & Associates Inc. owned about 2.26% of Precision Drilling worth $4,717,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the stock. Norges Bank purchased a new position in Precision Drilling during the fourth quarter worth about $2,859,000. Two Sigma Advisers LP increased its position in shares of Precision Drilling by 183.2% in the first quarter. Two Sigma Advisers LP now owns 1,728,080 shares of the oil and gas company’s stock worth $542,000 after purchasing an additional 1,117,900 shares during the last quarter. Two Sigma Investments LP increased its position in shares of Precision Drilling by 70.0% in the first quarter. Two Sigma Investments LP now owns 1,498,227 shares of the oil and gas company’s stock worth $470,000 after purchasing an additional 617,037 shares during the last quarter. Acadian Asset Management LLC lifted its position in Precision Drilling by 109.8% during the first quarter. Acadian Asset Management LLC now owns 1,408,065 shares of the oil and gas company’s stock valued at $435,000 after purchasing an additional 736,815 shares during the last quarter. Finally, Intact Investment Management Inc. bought a new stake in Precision Drilling during the second quarter valued at approximately $966,000. 28.20% of the stock is owned by institutional investors.
NYSE:PDS traded down $0.00 during midday trading on Thursday, reaching $0.75. 4,815 shares of the stock traded hands, compared to its average volume of 390,813. The stock has a market capitalization of $217.97 million, a P/E ratio of -5.27 and a beta of 3.16. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.27 and a current ratio of 2.46. The company has a fifty day moving average of $0.68 and a 200 day moving average of $0.70. Precision Drilling Corp has a 12 month low of $0.27 and a 12 month high of $1.64.
Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings data on Thursday, July 23rd. The oil and gas company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.07). The firm had revenue of $136.89 million during the quarter, compared to analysts’ expectations of $132.14 million. Precision Drilling had a negative net margin of 4.33% and a negative return on equity of 2.26%. On average, analysts predict that Precision Drilling Corp will post -0.36 EPS for the current fiscal year.
PDS has been the topic of several research reports. Morgan Stanley lowered their price objective on shares of Precision Drilling from $1.00 to $0.75 and set an “equal weight” rating on the stock in a research report on Wednesday, July 8th. TD Securities downgraded Precision Drilling to a “buy” rating in a research report on Friday, May 1st. Piper Sandler lifted their price target on Precision Drilling from $0.30 to $0.60 and gave the stock a “neutral” rating in a research note on Thursday, May 28th. Canaccord Genuity reiterated a “hold” rating and set a $0.90 price objective on shares of Precision Drilling in a research report on Wednesday, July 22nd. Finally, Royal Bank of Canada boosted their target price on Precision Drilling from $1.25 to $1.50 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company’s stock. Precision Drilling presently has an average rating of “Hold” and a consensus price target of $1.13.
Precision Drilling Company Profile
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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