Aristides Capital LLC Buys New Holdings in Precision Drilling Corporation $PDS

Key Points

• Aristides Capital LLC acquired 5,395 shares of Precision Drilling Corporation (NYSE:PDS) during Q1, valued at approximately $252,000.
• Multiple institutional investors, including Nuveen LLC and Millennium Management LLC, have significantly increased their holdings in Precision Drilling, contributing to a total institutional ownership of 48.86%.
• Recent analyst reports show improved ratings for Precision Drilling, with target prices raised to as much as $100.00 by Royal Bank of Canada, indicating strong potential for growth.

Aristides Capital LLC bought a new stake in Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm bought 5,395 shares of the oil and gas company's stock, valued at approximately $252,000.

Several other hedge funds have also recently bought and sold shares of the company. Aquatic Capital Management LLC acquired a new stake in shares of Precision Drilling in the 4th quarter valued at $71,000. Deutsche Bank AG bought a new stake in shares of Precision Drilling during the 4th quarter worth $85,000. Alberta Investment Management Corp bought a new stake in shares of Precision Drilling during the 1st quarter worth $344,000. Graham Capital Management L.P. bought a new position in Precision Drilling in the fourth quarter valued at about $346,000. Finally, Orion Resource Partners LP grew its position in Precision Drilling by 65.6% in the fourth quarter. Orion Resource Partners LP now owns 5,714 shares of the oil and gas company's stock valued at $349,000 after acquiring an additional 2,263 shares during the last quarter. 48.86% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Royal Bank Of Canada raised their price target on shares of Precision Drilling from $89.00 to $100.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Zacks Research upgraded shares of Precision Drilling from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 15th. Finally, Piper Sandler reiterated an "overweight" rating and set a $74.00 price target (up from $72.00) on shares of Precision Drilling in a report on Thursday, August 14th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and an average target price of $87.00.

Precision Drilling Trading Up 2.6%

PDS traded up $1.47 during trading on Friday, reaching $57.87. 72,675 shares of the company's stock were exchanged, compared to its average volume of 113,438. Precision Drilling Corporation has a one year low of $36.20 and a one year high of $74.17. The company has a current ratio of 1.01, a quick ratio of 0.90 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $765.08 million, a PE ratio of 12.18 and a beta of 1.15. The firm has a fifty day moving average price of $52.30 and a two-hundred day moving average price of $48.05.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last issued its quarterly earnings results on Tuesday, July 29th. The oil and gas company reported $0.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.02) by $0.79. The firm had revenue of $299.14 million for the quarter, compared to the consensus estimate of $435.47 million. Precision Drilling had a net margin of 5.67% and a return on equity of 6.21%. As a group, equities research analysts forecast that Precision Drilling Corporation will post 7.1 earnings per share for the current fiscal year.

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.