Greatmark Investment Partners Inc. Grows Position in Precision Drilling Corporation $PDS

Key Points

• Greatmark Investment Partners Inc. increased its stake in Precision Drilling Corporation by 12.6%, owning 119,604 shares worth approximately $5.65 million as of their latest SEC filing.
• Precision Drilling reported a quarterly earnings of $0.77 per share, significantly exceeding analysts' consensus estimates of a loss of $0.02.
• Analysts have varied ratings for Precision Drilling, with some upgrading to a buy rating and a consensus target price of $87.00, reflecting moderate optimism among investors.

Greatmark Investment Partners Inc. boosted its stake in shares of Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 12.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 119,604 shares of the oil and gas company's stock after buying an additional 13,415 shares during the period. Greatmark Investment Partners Inc. owned 0.90% of Precision Drilling worth $5,650,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in PDS. Cubist Systematic Strategies LLC purchased a new stake in Precision Drilling during the 1st quarter worth approximately $45,000. Signaturefd LLC increased its stake in shares of Precision Drilling by 52.4% in the 2nd quarter. Signaturefd LLC now owns 2,230 shares of the oil and gas company's stock worth $105,000 after acquiring an additional 767 shares during the last quarter. Aristides Capital LLC purchased a new position in shares of Precision Drilling during the 1st quarter worth $252,000. Vident Advisory LLC boosted its position in shares of Precision Drilling by 8.2% during the 1st quarter. Vident Advisory LLC now owns 6,766 shares of the oil and gas company's stock valued at $315,000 after acquiring an additional 512 shares during the last quarter. Finally, Alberta Investment Management Corp purchased a new stake in shares of Precision Drilling in the first quarter valued at about $344,000. Institutional investors and hedge funds own 48.86% of the company's stock.

Precision Drilling Stock Down 0.2%

PDS opened at $54.72 on Wednesday. The company has a quick ratio of 0.90, a current ratio of 1.01 and a debt-to-equity ratio of 0.33. The business has a 50 day moving average price of $56.49 and a two-hundred day moving average price of $50.30. Precision Drilling Corporation has a 52 week low of $36.20 and a 52 week high of $67.35. The company has a market cap of $720.76 million, a PE ratio of 11.52 and a beta of 1.11.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last posted its quarterly earnings results on Tuesday, July 29th. The oil and gas company reported $0.77 earnings per share for the quarter, topping analysts' consensus estimates of ($0.02) by $0.79. The business had revenue of $299.14 million for 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%. As a group, research analysts anticipate that Precision Drilling Corporation will post 7.1 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Wall Street Zen raised shares of Precision Drilling from a "hold" rating to a "buy" rating in a research report on Saturday. Weiss Ratings reissued a "hold (c)" rating on shares of Precision Drilling in a research report on Wednesday, October 8th. Royal Bank Of Canada increased their price target on shares of Precision Drilling from $89.00 to $100.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Piper Sandler reiterated an "overweight" rating and issued a $74.00 price objective (up from $72.00) on shares of Precision Drilling in a research note on Thursday, August 14th. Finally, Zacks Research downgraded shares of Precision Drilling from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 15th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, Precision Drilling has an average rating of "Moderate Buy" and a consensus 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.

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