Connor Clark & Lunn Investment Management Ltd. Acquires 8,800 Shares of Precision Drilling Corporation (NYSE:PDS)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Precision Drilling Corporation by 38.6%, acquiring an additional 8,800 shares, bringing its total to 31,600 shares valued at approximately $1.47 million.
• Several institutional investors, including Aquatic Capital Management and Deutsche Bank, have recently made significant investments in PDS, contributing to institutional ownership rising to 48.86%.
• Research firms have upgraded their price targets for Precision Drilling, with Royal Bank Of Canada raising it from $89.00 to $100.00, while the average target price is currently set at $87.00.

Connor Clark & Lunn Investment Management Ltd. raised its position in Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 38.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 31,600 shares of the oil and gas company's stock after buying an additional 8,800 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.23% of Precision Drilling worth $1,469,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PDS. Aquatic Capital Management LLC purchased a new stake in Precision Drilling in the 4th quarter valued at about $71,000. Deutsche Bank AG purchased a new stake in Precision Drilling in the 4th quarter valued at about $85,000. Alberta Investment Management Corp purchased a new stake in Precision Drilling in the 1st quarter valued at about $344,000. Graham Capital Management L.P. purchased a new stake in Precision Drilling in the 4th quarter valued at about $346,000. Finally, Orion Resource Partners LP increased its stake 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 valued at $349,000 after buying an additional 2,263 shares during the last quarter. Hedge funds and other institutional investors own 48.86% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have commented on PDS. Royal Bank Of Canada increased 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, July 31st. Piper Sandler reiterated an "overweight" rating and issued a $74.00 price objective (up previously from $72.00) on shares of Precision Drilling in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $87.00.

Precision Drilling Trading Down 2.0%

Shares of PDS stock opened at $53.95 on Friday. The company has a 50 day moving average of $51.40 and a 200-day moving average of $48.20. 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 Corporation has a 12-month low of $36.20 and a 12-month high of $75.19. The firm has a market cap of $713.06 million, a P/E ratio of 11.36 and a beta of 1.15.

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

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