Engineers Gate Manager LP Buys 13,188 Shares of Precision Drilling Corporation $PDS

Key Points

• Engineers Gate Manager LP increased its Precision Drilling stake by 70.8% in the second quarter, buying 13,188 shares and bringing its holdings to 31,802 shares valued at approximately $2.44 million.
• Precision Drilling shares were trading at $86.45, down 3.7%, while the company reported a quarterly EPS loss of $0.38 that missed analyst expectations despite revenue exceeding forecasts.
• Analyst sentiment has weakened, with several firms downgrading the stock to hold or sell ratings; however, MarketBeat still reports a “Moderate Buy” consensus and an average price target of $122.33.

Engineers Gate Manager LP increased its stake in shares of Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 70.8% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 31,802 shares of the oil and gas company's stock after purchasing an additional 13,188 shares during the period. Engineers Gate Manager LP owned approximately 0.25% of Precision Drilling worth $2,438,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Group One Trading LLC bought a new stake in Precision Drilling in the 1st quarter worth approximately $81,000. Plato Investment Management Ltd bought a new position in shares of Precision Drilling during the 2nd quarter valued at $190,000. Aristides Capital LLC bought a new position in shares of Precision Drilling during the 4th quarter valued at $225,000. Spark Investment Management LLC purchased a new position in shares of Precision Drilling in the 4th quarter worth $287,000. Finally, Pictet Asset Management Holding SA purchased a new position in shares of Precision Drilling in the 1st quarter worth $300,000. Institutional investors own 48.86% of the company's stock.

Precision Drilling Trading Down 3.7%

Shares of Precision Drilling stock opened at $86.45 on Tuesday. Precision Drilling Corporation has a 1-year low of $53.42 and a 1-year high of $103.80. The company's fifty day simple moving average is $84.46 and its 200-day simple moving average is $88.86. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.46 and a quick ratio of 1.29. The stock has a market capitalization of $1.09 billion, a PE ratio of -41.37 and a beta of 0.81.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last posted its quarterly earnings data on Tuesday, July 28th. The oil and gas company reported ($0.38) EPS for the quarter, missing the consensus estimate of $0.43 by ($0.81). The company had revenue of $319.15 million during the quarter, compared to analysts' expectations of $310.70 million. Precision Drilling had a positive return on equity of 2.11% and a negative net margin of 1.68%. As a group, equities analysts anticipate that Precision Drilling Corporation will post 4.62 earnings per share for the current year.

Analyst Ratings Changes

PDS has been the subject of a number of research reports. Weiss Ratings cut Precision Drilling from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday, June 23rd. Wall Street Zen cut Precision Drilling from a "buy" rating to a "hold" rating in a research report on Sunday, August 9th. Finally, Zacks Research downgraded Precision Drilling from a "hold" rating to a "strong sell" rating in a research note on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $122.33.

Precision Drilling Company Profile

Precision Drilling Corporation is a Canadian oilfield services company that provides contract drilling and well-servicing solutions to oil and natural gas exploration and production companies. The company is headquartered in Calgary, Alberta, and trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbol PDS.

Its primary business is contract drilling, including the provision of land-based drilling rigs, crews and related equipment used to construct oil and gas wells.

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