Arrowstreet Capital Limited Partnership lifted its stake in shares of Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 24.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 373,936 shares of the oil and gas company's stock after acquiring an additional 73,084 shares during the period. Arrowstreet Capital Limited Partnership owned 2.89% of Precision Drilling worth $36,803,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Wolverine Asset Management LLC raised its holdings in shares of Precision Drilling by 112.9% during the fourth quarter. Wolverine Asset Management LLC now owns 802 shares of the oil and gas company's stock valued at $58,000 after purchasing an additional 7,000 shares during the period. Group One Trading LLC acquired a new stake in shares of Precision Drilling in the 1st quarter valued at about $81,000. Quarry LP bought a new stake in Precision Drilling in the 3rd quarter valued at about $54,000. Cubist Systematic Strategies LLC bought a new stake in Precision Drilling in the 1st quarter valued at about $45,000. Finally, US Bancorp DE raised its stake in Precision Drilling by 52.3% during the 3rd quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company's stock worth $67,000 after buying an additional 408 shares during the period. 48.86% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of equities analysts have recently weighed in on PDS shares. BMO Capital Markets reaffirmed an "outperform" rating on shares of Precision Drilling in a research report on Thursday, April 30th. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of Precision Drilling in a research report on Friday, May 1st. Weiss Ratings downgraded shares of Precision Drilling from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday, June 23rd. TD Securities restated a "hold" rating on shares of Precision Drilling in a research note on Friday, May 1st. Finally, Zacks Research downgraded shares of Precision Drilling from a "hold" rating to a "strong sell" rating in a report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Precision Drilling presently has a consensus rating of "Moderate Buy" and a consensus price target of $122.33.
Read Our Latest Report on PDS
Precision Drilling Stock Performance
Shares of PDS stock opened at $78.30 on Wednesday. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.70 and a quick ratio of 1.52. The firm has a 50-day moving average of $86.11 and a 200-day moving average of $87.77. Precision Drilling Corporation has a one year low of $52.02 and a one year high of $103.80. The company has a market cap of $1.01 billion, a P/E ratio of -83.30 and a beta of 0.76.
Precision Drilling Company Profile
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Free Report)
Precision Drilling Corporation NYSE: PDS is a Calgary, Alberta–based oilfield services company that has provided drilling solutions since its founding in 1951. With more than seven decades of industry experience, the company delivers contract drilling services, directional and horizontal drilling, well servicing, and a suite of specialized equipment designed to meet the evolving needs of exploration and production companies worldwide.
The company's core business activities include operating a fleet of onshore drilling rigs, offering managed pressure drilling, measurement-while-drilling (MWD) and logging-while-drilling (LWD) services, and providing completion and workover rigs.
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