American Century Companies Inc. Increases Position in Precision Drilling Corporation $PDS

Key Points

• American Century Companies Inc. increased its stake in Precision Drilling Corporation by 10.6%, purchasing an additional 11,708 shares and now owning approximately 0.91% of the company.
• Precision Drilling's stock has seen recent price targets raised by analysts, with Royal Bank of Canada increasing its target price from $89.00 to $100.00 and Zacks Research upgrading the stock to a strong-buy rating.
• Despite the positive analyst outlook, Precision Drilling's stock recently declined by 1.1%, opening at $56.43 with a current PE ratio of 11.88 and market capitalization of $745.94 million.

American Century Companies Inc. boosted its holdings in Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 10.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 122,598 shares of the oil and gas company's stock after buying an additional 11,708 shares during the period. American Century Companies Inc. owned approximately 0.91% of Precision Drilling worth $5,699,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in PDS. Aquatic Capital Management LLC purchased a new position in shares of Precision Drilling during 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 stake in shares of Precision Drilling during the 4th quarter worth $346,000. Finally, Orion Resource Partners LP lifted its holdings in shares of Precision Drilling by 65.6% during the 4th quarter. Orion Resource Partners LP now owns 5,714 shares of the oil and gas company's stock worth $349,000 after acquiring an additional 2,263 shares during the last quarter. 48.86% of the stock is currently owned by hedge funds and other institutional investors.

Precision Drilling Trading Up 2.6%

Shares of PDS stock traded up $1.47 during mid-day trading on Monday, reaching $57.87. The stock had a trading volume of 72,675 shares, compared to its average volume of 70,271. The stock's 50-day moving average price is $52.45 and its two-hundred day moving average price is $47.95. Precision Drilling Corporation has a 52-week low of $36.20 and a 52-week high of $74.17. The firm has a market capitalization of $765.08 million, a PE ratio of 12.18 and a beta of 1.15. The company has a current ratio of 1.01, a quick ratio of 0.90 and a debt-to-equity ratio of 0.33.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last announced its quarterly earnings results on Tuesday, July 29th. The oil and gas company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.79. The company had revenue of $299.14 million for 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 expect that Precision Drilling Corporation will post 7.1 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on PDS. Zacks Research raised shares of Precision Drilling from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 15th. Piper Sandler reissued an "overweight" rating and issued a $74.00 price target (up from $72.00) on shares of Precision Drilling in a research note on Thursday, August 14th. Finally, Royal Bank Of Canada boosted 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. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $87.00.

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.