Intact Investment Management Inc. Takes Position in Precision Drilling Corporation (NYSE:PDS)

Intact Investment Management Inc. acquired a new stake in shares of Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 55,800 shares of the oil and gas company's stock, valued at approximately $2,594,000. Intact Investment Management Inc. owned 0.42% of Precision Drilling at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in PDS. Arrowstreet Capital Limited Partnership grew its stake in shares of Precision Drilling by 3,575.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 153,800 shares of the oil and gas company's stock valued at $9,395,000 after acquiring an additional 149,616 shares during the period. Bank of Montreal Can boosted its stake in Precision Drilling by 28.0% in the 4th quarter. Bank of Montreal Can now owns 602,954 shares of the oil and gas company's stock worth $36,832,000 after purchasing an additional 131,843 shares during the period. Millennium Management LLC boosted its stake in Precision Drilling by 235.8% in the 4th quarter. Millennium Management LLC now owns 157,433 shares of the oil and gas company's stock worth $9,621,000 after purchasing an additional 110,546 shares during the period. Bank of America Corp DE boosted its stake in Precision Drilling by 33.3% in the 4th quarter. Bank of America Corp DE now owns 396,072 shares of the oil and gas company's stock worth $24,188,000 after purchasing an additional 98,836 shares during the period. Finally, Grantham Mayo Van Otterloo & Co. LLC boosted its stake in Precision Drilling by 190.0% in the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 81,500 shares of the oil and gas company's stock worth $4,982,000 after purchasing an additional 53,400 shares during the period. 48.86% of the stock is currently owned by institutional investors.

Precision Drilling Price Performance

PDS stock traded down $0.58 during midday trading on Friday, hitting $50.48. The company's stock had a trading volume of 100,662 shares, compared to its average volume of 90,546. Precision Drilling Corporation has a 12 month low of $36.20 and a 12 month high of $79.07. The company has a quick ratio of 0.82, a current ratio of 0.91 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $673.93 million, a price-to-earnings ratio of 10.04 and a beta of 1.07. The company has a 50 day moving average of $44.58 and a two-hundred day moving average of $50.81.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last posted its earnings results on Wednesday, April 23rd. The oil and gas company reported $1.53 EPS for the quarter, missing analysts' consensus estimates of $1.57 by ($0.04). The firm had revenue of $345.41 million for the quarter, compared to the consensus estimate of $508.06 million. Precision Drilling had a net margin of 5.84% and a return on equity of 6.51%. On average, analysts expect that Precision Drilling Corporation will post 7.1 EPS for the current year.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Wall Street Zen downgraded Precision Drilling from a "buy" rating to a "hold" rating in a research note on Monday, March 24th. Raymond James Financial downgraded Precision Drilling from a "strong-buy" rating to an "outperform" rating in a research note on Wednesday, April 9th.

About Precision Drilling

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.