Aristides Capital LLC Purchases New Position 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 first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 5,395 shares of the oil and gas company's stock, valued at approximately $252,000.

A number of other institutional investors have also added to or reduced their stakes in PDS. Nuveen LLC purchased a new stake in Precision Drilling during the first quarter valued at about $22,637,000. Millennium Management LLC boosted its position in Precision Drilling by 235.8% during the fourth quarter. Millennium Management LLC now owns 157,433 shares of the oil and gas company's stock valued at $9,621,000 after buying an additional 110,546 shares during the period. Bank of America Corp DE boosted its position in Precision Drilling by 33.3% during the fourth quarter. Bank of America Corp DE now owns 396,072 shares of the oil and gas company's stock valued at $24,188,000 after buying an additional 98,836 shares during the period. Aegis Financial Corp boosted its position in Precision Drilling by 58.1% during the first quarter. Aegis Financial Corp now owns 195,505 shares of the oil and gas company's stock valued at $9,089,000 after buying an additional 71,867 shares during the period. Finally, Quotient Wealth Partners LLC purchased a new stake in Precision Drilling during the first quarter valued at about $3,192,000. Institutional investors own 48.86% of the company's stock.

Analyst Upgrades and Downgrades

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

Precision Drilling Stock Up 2.6%

Shares of NYSE PDS traded up $1.47 on Friday, reaching $57.87. 72,675 shares of the company's stock traded hands, compared to its average volume of 70,467. Precision Drilling Corporation has a 12 month low of $36.20 and a 12 month high of $74.17. The business's 50 day simple moving average is $52.45 and its two-hundred day simple moving average is $48.00. The company has a market cap of $764.91 million, a price-to-earnings ratio of 12.18 and a beta of 1.15. The company has a quick ratio of 0.90, a current ratio of 1.01 and a debt-to-equity ratio of 0.33.

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

Precision Drilling 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.