Alberta Investment Management Corp Invests $344,000 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 stake in shares of Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 7,400 shares of the oil and gas company's stock, valued at approximately $344,000. Alberta Investment Management Corp owned approximately 0.05% of Precision Drilling as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Aquatic Capital Management LLC acquired a new position in Precision Drilling during the fourth quarter worth $71,000. Deutsche Bank AG bought a new stake in Precision Drilling during the fourth quarter valued at about $85,000. Graham Capital Management L.P. bought a new position in shares of Precision Drilling in the fourth quarter worth about $346,000. Orion Resource Partners LP increased its position in Precision Drilling by 65.6% in the 4th quarter. Orion Resource Partners LP now owns 5,714 shares of the oil and gas company's stock worth $349,000 after buying an additional 2,263 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in shares of Precision Drilling by 246.5% in the fourth quarter. Russell Investments Group Ltd. now owns 6,373 shares of the oil and gas company's stock valued at $390,000 after acquiring an additional 4,534 shares during the period. 48.86% of the stock is owned by institutional investors.

Precision Drilling Price Performance

PDS traded up $0.48 during midday trading on Friday, reaching $55.00. 32,440 shares of the company's stock were exchanged, compared to its average volume of 117,668. The business has a 50-day simple moving average of $50.31 and a two-hundred day simple moving average of $48.54. Precision Drilling Corporation has a one year low of $36.20 and a one year high of $75.19. The firm has a market capitalization of $730.88 million, a price-to-earnings ratio of 11.58 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 released its quarterly earnings results on Tuesday, July 29th. The oil and gas company reported $0.77 EPS 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 firm had revenue of $299.14 million for the quarter, compared to analyst estimates of $435.47 million. As a group, research analysts predict that Precision Drilling Corporation will post 7.1 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have weighed in on PDS. Piper Sandler assumed coverage on shares of Precision Drilling in a report on Tuesday, July 15th. They issued an "overweight" rating and a $72.00 price target for the company. Royal Bank Of Canada raised their price objective on Precision Drilling from $89.00 to $100.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $86.00.

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.