Encompass Capital Advisors LLC Has $34.50 Million Stock Position in Precision Drilling Corporation $PDS

Key Points

• Encompass Capital Advisors reduced its Precision Drilling stake by 36.9% in the first quarter, selling 205,449 shares. It still held 351,189 shares worth approximately $34.5 million, representing 2.71% of PDS and 1.0% of its portfolio.
• Other institutional investors generally increased their positions, and institutional ownership totaled 48.86% of Precision Drilling’s outstanding stock.
• PDS opened at $80.38, below its 52-week high of $103.80. Analyst sentiment was mixed but remained a “Moderate Buy” overall, with an average price target of $122.33.

Encompass Capital Advisors LLC cut its holdings in shares of Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 36.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 351,189 shares of the oil and gas company's stock after selling 205,449 shares during the period. Precision Drilling makes up 1.0% of Encompass Capital Advisors LLC's holdings, making the stock its 25th biggest holding. Encompass Capital Advisors LLC owned 2.71% of Precision Drilling worth $34,504,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in PDS. Lazard Asset Management LLC boosted its stake in Precision Drilling by 540.1% during the 1st quarter. Lazard Asset Management LLC now owns 25,392 shares of the oil and gas company's stock valued at $2,499,000 after purchasing an additional 21,425 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Precision Drilling by 24.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 373,936 shares of the oil and gas company's stock worth $36,803,000 after purchasing an additional 73,084 shares during the last quarter. Group One Trading LLC purchased a new stake in shares of Precision Drilling in the first quarter worth approximately $81,000. Amova Asset Management Americas Inc. lifted its holdings in shares of Precision Drilling by 2.1% in the first quarter. Amova Asset Management Americas Inc. now owns 6,171 shares of the oil and gas company's stock valued at $606,000 after purchasing an additional 128 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Precision Drilling by 37.0% in the first quarter. Dimensional Fund Advisors LP now owns 288,013 shares of the oil and gas company's stock valued at $28,340,000 after purchasing an additional 77,775 shares in the last quarter. Institutional investors and hedge funds own 48.86% of the company's stock.

Precision Drilling Price Performance

PDS opened at $80.38 on Tuesday. Precision Drilling Corporation has a fifty-two week low of $52.02 and a fifty-two week high of $103.80. The firm has a 50-day moving average of $86.54 and a 200 day moving average of $87.72. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.52 and a current ratio of 1.70. The firm has a market cap of $1.03 billion, a P/E ratio of -85.51 and a beta of 0.76.

Wall Street Analysts Forecast Growth

PDS has been the subject of several recent research reports. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Precision Drilling in a report on Friday, May 1st. Weiss Ratings cut Precision Drilling from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday, June 23rd. TD Securities reaffirmed a "hold" rating on shares of Precision Drilling in a report on Friday, May 1st. BMO Capital Markets reiterated an "outperform" rating on shares of Precision Drilling in a research note on Thursday, April 30th. 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 analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $122.33.

About Precision Drilling

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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