Lazard Asset Management LLC Increases Holdings in Precision Drilling Corporation $PDS

Key Points

• Lazard Asset Management increased its Precision Drilling stake by 540.1% in the first quarter, purchasing 21,425 additional shares for a total holding of 25,392 shares valued at approximately $2.5 million.
• Institutional investors own 48.86% of Precision Drilling, with several other funds—including FIL Ltd. and Hillsdale Investment Management—also raising their positions.
• Analyst sentiment is mixed but leans positive: Precision Drilling has a consensus “Moderate Buy” rating and an average price target of $122.33, compared with shares opening at $77.87.

Lazard Asset Management LLC boosted its position in Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 540.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 25,392 shares of the oil and gas company's stock after buying an additional 21,425 shares during the period. Lazard Asset Management LLC owned approximately 0.20% of Precision Drilling worth $2,499,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. FIL Ltd lifted 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 period. National Bank of Canada FI increased its stake 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 worth $41,265,000 after acquiring an additional 4,236 shares during the period. Aegis Financial Corp increased its stake in shares of Precision Drilling by 11.4% in the fourth quarter. Aegis Financial Corp now owns 504,059 shares of the oil and gas company's stock worth $36,221,000 after acquiring an additional 51,700 shares during the period. Hillsdale Investment Management Inc. raised its holdings 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 raised 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 last quarter. Institutional investors and hedge funds own 48.86% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. TD Securities reaffirmed a "hold" rating on shares of Precision Drilling in a report on Friday, May 1st. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Precision Drilling in a research note on Friday, May 1st. Weiss Ratings lowered Precision Drilling from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday, June 23rd. Zacks Research cut Precision Drilling from a "hold" rating to a "strong sell" rating in a report on Wednesday, July 1st. Finally, Wall Street Zen upgraded Precision Drilling from a "hold" rating to a "buy" rating in a research note on Saturday. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, Precision Drilling currently has a consensus rating of "Moderate Buy" and an average target price of $122.33.

Precision Drilling Stock Performance

Shares of NYSE PDS opened at $77.87 on Monday. The company's fifty day moving average price is $84.83 and its 200 day moving average price is $87.86. Precision Drilling Corporation has a 1 year low of $52.53 and a 1 year high of $103.80. The company has a market capitalization of $1.00 billion, a PE ratio of -37.26 and a beta of 0.78. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.29 and a current ratio of 1.46.

Precision Drilling Company 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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