Alberta Investment Management Corp Buys New Shares in Precision Drilling Corporation (NYSE:PDS)

Key Points

• Alberta Investment Management Corp has acquired a stake in Precision Drilling Corporation, purchasing 7,400 shares valued at approximately $344,000, representing 0.05% of the company's total stock as per the recent SEC filing.
• Precision Drilling's stock saw a trading decrease of 1.4% recently, with its shares trading at $53.41 and having a market capitalization of $709.83 million.
• Credit ratings from analysts indicate a consensus rating of "Moderate Buy" for Precision Drilling, with price target estimates ranging from $72.00 to $100.00.

Alberta Investment Management Corp acquired a new position in shares of Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 7,400 shares of the oil and gas company's stock, valued at approximately $344,000. Alberta Investment Management Corp owned about 0.05% of Precision Drilling at the end of the most recent quarter.

Several other large investors have also modified their holdings of PDS. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Precision Drilling by 2.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,388 shares of the oil and gas company's stock valued at $695,000 after acquiring an additional 250 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Precision Drilling by 6.1% during the fourth quarter. Geode Capital Management LLC now owns 7,285 shares of the oil and gas company's stock worth $450,000 after purchasing an additional 418 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Precision Drilling by 5.8% in the 1st quarter. Mackenzie Financial Corp now owns 9,752 shares of the oil and gas company's stock valued at $453,000 after purchasing an additional 533 shares during the last quarter. Jane Street Group LLC boosted its position in shares of Precision Drilling by 4.5% in the 4th 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 during the period. Finally, Aquatic Capital Management LLC purchased a new stake in Precision Drilling in the fourth quarter valued at approximately $71,000. Institutional investors and hedge funds own 48.86% of the company's stock.

Precision Drilling Price Performance

NYSE PDS traded down $0.60 during mid-day trading on Wednesday, hitting $54.15. The stock had a trading volume of 95,722 shares, compared to its average volume of 118,435. The company has a 50 day simple moving average of $49.85 and a 200 day simple moving average of $48.58. The company has a market cap of $719.71 million, a price-to-earnings ratio of 11.40 and a beta of 1.15. Precision Drilling Corporation has a 52-week low of $36.20 and a 52-week high of $75.19. 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 (EPS) for the quarter, topping analysts' consensus estimates of ($0.02) by $0.79. The company had revenue of $299.14 million during the quarter, compared to analysts' expectations of $435.47 million. Precision Drilling had a net margin of 5.67% and a return on equity of 6.21%. Equities analysts forecast that Precision Drilling Corporation will post 7.1 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PDS. Raymond James Financial lowered shares of Precision Drilling from a "strong-buy" rating to an "outperform" rating in a research report on Wednesday, April 9th. Royal Bank Of Canada increased their price target on shares of Precision Drilling from $89.00 to $100.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Finally, Piper Sandler began coverage on shares of Precision Drilling in a research note on Tuesday, July 15th. They issued an "overweight" rating and a $72.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, Precision Drilling presently has an average rating of "Moderate Buy" and an average price target of $86.00.

Precision Drilling Company 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.