Dimensional Fund Advisors LP Raises Stake in Precision Drilling Corporation $PDS

Key Points

• Dimensional Fund Advisors increased its Precision Drilling stake by 37% in the first quarter, adding 77,775 shares to own 288,013 shares, or 2.22% of the company. Institutional investors collectively hold 48.86% of Precision Drilling’s stock.
• Analyst sentiment is mixed but leans positive, with a consensus “Moderate Buy” rating and an average price target of $122.33. Ratings range from Strong Buy and Buy recommendations to Hold and Strong Sell.
• Precision Drilling shares opened at $74.84, down 1.7%, versus a 52-week range of $52.53 to $103.80; the stock’s 50-day and 200-day moving averages were $83.81 and $87.90, respectively.

Dimensional Fund Advisors LP grew its holdings in Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 37.0% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 288,013 shares of the oil and gas company's stock after buying an additional 77,775 shares during the period. Dimensional Fund Advisors LP owned 2.22% of Precision Drilling worth $28,340,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. FIL Ltd raised its stake in Precision Drilling by 27,294.7% during the 4th quarter. FIL Ltd now owns 850,331 shares of the oil and gas company's stock valued at $61,017,000 after acquiring an additional 847,227 shares during the last quarter. National Bank of Canada FI increased its holdings in shares of Precision Drilling by 0.6% in the third quarter. National Bank of Canada FI now owns 735,460 shares of the oil and gas company's stock valued at $41,265,000 after purchasing an additional 4,236 shares during the period. Aegis Financial Corp raised its stake in shares of Precision Drilling by 11.4% during the fourth quarter. Aegis Financial Corp now owns 504,059 shares of the oil and gas company's stock worth $36,221,000 after purchasing an additional 51,700 shares during the last quarter. Hillsdale Investment Management Inc. raised its stake in shares of Precision Drilling by 67.0% during the first quarter. Hillsdale Investment Management Inc. now owns 487,434 shares of the oil and gas company's stock worth $47,957,000 after purchasing an additional 195,598 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of Precision Drilling by 24.9% during the third quarter. Arrowstreet Capital Limited Partnership now owns 483,937 shares of the oil and gas company's stock worth $27,262,000 after purchasing an additional 96,339 shares during the period. Hedge funds and other institutional investors own 48.86% of the company's stock.

Analyst Ratings Changes

PDS has been the subject of a number of analyst reports. Wall Street Zen upgraded shares of Precision Drilling from a "hold" rating to a "buy" rating in a research report on Saturday, August 1st. TD Securities restated a "hold" rating on shares of Precision Drilling in a research report on Friday, May 1st. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of Precision Drilling in a report on Friday, May 1st. Zacks Research downgraded Precision Drilling from a "hold" rating to a "strong sell" rating in a research note on Wednesday, July 1st. Finally, BMO Capital Markets reissued an "outperform" rating on shares of Precision Drilling in a report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $122.33.

Precision Drilling Trading Down 1.7%

Shares of PDS opened at $74.84 on Thursday. The company has a current ratio of 1.46, a quick ratio of 1.29 and a debt-to-equity ratio of 0.39. The firm's 50-day moving average is $83.81 and its two-hundred day moving average is $87.90. Precision Drilling Corporation has a twelve month low of $52.53 and a twelve month high of $103.80. The firm has a market capitalization of $961.76 million, a P/E ratio of -35.81 and a beta of 0.78.

Precision Drilling Profile

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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