Connor Clark & Lunn Investment Management Ltd. Has $1.47 Million Position in Precision Drilling Corporation $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. increased its position in shares of Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 38.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,600 shares of the oil and gas company's stock after purchasing an additional 8,800 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.23% of Precision Drilling worth $1,469,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Aquatic Capital Management LLC acquired a new stake in Precision Drilling in the 4th quarter valued at about $71,000. Deutsche Bank AG bought a new position in Precision Drilling during the 4th quarter worth approximately $85,000. Graham Capital Management L.P. bought a new position in Precision Drilling during the 4th quarter worth approximately $346,000. Orion Resource Partners LP boosted its stake in 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. Finally, Russell Investments Group Ltd. lifted its stake in 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 buying an additional 4,534 shares in the last quarter. Institutional investors and hedge funds own 48.86% of the company's stock.

Precision Drilling Price Performance

Shares of PDS stock traded up $0.9660 on Thursday, reaching $54.4360. The company had a trading volume of 38,293 shares, compared to its average volume of 85,156. The stock has a market capitalization of $719.64 million, a PE ratio of 11.46 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 Corporation has a one year low of $36.20 and a one year high of $75.19. The business's 50-day moving average is $51.73 and its 200 day moving average is $48.07.

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 EPS for the quarter, topping analysts' consensus estimates 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 net margin of 5.67% and a return on equity of 6.21%. Equities research analysts forecast that Precision Drilling Corporation will post 7.1 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on PDS shares. Royal Bank Of Canada lifted their price target 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. Zacks Research upgraded shares of Precision Drilling from a "hold" rating to a "strong-buy" rating in a report on Friday, August 15th. Finally, Piper Sandler restated an "overweight" rating and set a $74.00 target price (up from $72.00) on shares of Precision Drilling in a report on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price 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.