Carrera Capital Advisors Takes $866,000 Position in Precision Drilling Corporation (NYSE:PDS)

Key Points

• Carrera Capital Advisors made a new investment of approximately $866,000 in Precision Drilling Corporation by purchasing 18,577 shares during the first quarter.
• Several hedge funds, including Bank of Montreal and Millennium Management, have significantly increased their stakes in Precision Drilling in the fourth quarter, indicating strong institutional interest.
• As of the recent reports, Precision Drilling's stock opened at $51.95 and has been rated "overweight" with a target price of $72.00 by analysts, despite experiencing a 1.6% decline in shares.

Carrera Capital Advisors purchased a new position in Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 18,577 shares of the oil and gas company's stock, valued at approximately $866,000. Carrera Capital Advisors owned approximately 0.14% of Precision Drilling as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Aquatic Capital Management LLC purchased a new stake in Precision Drilling in the 4th quarter valued at $71,000. Deutsche Bank AG purchased a new position in Precision Drilling during the 4th quarter valued at about $85,000. Quantbot Technologies LP boosted its holdings in Precision Drilling by 1,741.8% during the 4th quarter. Quantbot Technologies LP now owns 2,247 shares of the oil and gas company's stock valued at $137,000 after acquiring an additional 2,125 shares during the period. Graham Capital Management L.P. purchased a new position in Precision Drilling during the 4th quarter valued at about $346,000. Finally, Orion Resource Partners LP boosted its stake in shares of Precision Drilling by 65.6% in the fourth quarter. Orion Resource Partners LP now owns 5,714 shares of the oil and gas company's stock valued at $349,000 after purchasing an additional 2,263 shares during the period. Hedge funds and other institutional investors own 48.86% of the company's stock.

Wall Street Analysts Forecast Growth

PDS has been the subject of several recent research reports. Royal Bank Of Canada raised their price objective on shares of Precision Drilling from $89.00 to $100.00 and gave the company an "outperform" rating in a research note on Thursday. Raymond James Financial lowered Precision Drilling from a "strong-buy" rating to an "outperform" rating in a report on Wednesday, April 9th. Finally, Piper Sandler assumed coverage on shares of Precision Drilling in a research note on Tuesday, July 15th. They issued an "overweight" rating and a $72.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $86.00.

Precision Drilling Stock Down 0.2%

NYSE PDS traded down $0.12 during trading on Thursday, reaching $55.90. 65,261 shares of the company's stock were exchanged, compared to its average volume of 119,225. The stock has a market cap of $742.80 million, a P/E ratio of 11.77 and a beta of 1.06. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.82 and a current ratio of 0.91. The company has a 50 day moving average price of $48.85 and a two-hundred day moving average price of $48.99. Precision Drilling Corporation has a 1 year low of $36.20 and a 1 year high of $79.07.

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

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.