Acadian Asset Management LLC Makes New $6.81 Million Investment in Precision Drilling Corporation $PDS

Key Points

• Acadian Asset Management LLC acquired a new position in Precision Drilling Corporation by purchasing 146,816 shares valued at approximately $6.8 million, representing 1.09% of the company's stock.
• Precision Drilling's stock saw an increase of 1.2%, with a current share price of $57.54 and a market capitalization of $758.31 million.
• Analysts have upgraded Precision Drilling's ratings, with one brokerage raising the target price from $89.00 to $100.00 and suggesting an "outperform" rating.

Acadian Asset Management LLC purchased a new stake in shares of Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 146,816 shares of the oil and gas company's stock, valued at approximately $6,813,000. Acadian Asset Management LLC owned approximately 1.09% of Precision Drilling at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in PDS. Jane Street Group LLC lifted its position in shares of Precision Drilling by 4.5% during the fourth quarter. Jane Street Group LLC now owns 17,183 shares of the oil and gas company's stock valued at $1,049,000 after purchasing an additional 743 shares in the last quarter. BNP Paribas Financial Markets bought a new position in shares of Precision Drilling during the fourth quarter valued at about $1,521,000. Bank of America Corp DE lifted its position in shares of 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 purchasing an additional 98,836 shares in the last quarter. Balyasny Asset Management L.P. bought a new position in shares of Precision Drilling during the fourth quarter valued at about $485,000. Finally, D. E. Shaw & Co. Inc. lifted its position in shares of Precision Drilling by 618.2% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 39,500 shares of the oil and gas company's stock valued at $2,415,000 after purchasing an additional 34,000 shares in the last quarter. 48.86% of the stock is owned by institutional investors.

Precision Drilling Price Performance

Precision Drilling stock traded down $0.21 during mid-day trading on Thursday, hitting $57.72. 18,095 shares of the company traded hands, compared to its average volume of 110,738. Precision Drilling Corporation has a one year low of $36.20 and a one year high of $67.46. The stock has a market cap of $760.74 million, a price-to-earnings ratio of 12.14 and a beta of 1.15. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.90 and a current ratio of 1.01. The stock has a fifty day moving average price of $54.72 and a 200-day moving average price of $48.42.

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

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Zacks Research lowered shares of Precision Drilling from a "strong-buy" rating to a "hold" rating in a research report on Monday. 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 report on Thursday, July 31st. Finally, Piper Sandler restated an "overweight" rating and set a $74.00 price objective (up previously from $72.00) on shares of Precision Drilling in a report on Thursday, August 14th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $87.00.

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.