Mountain Lake Investment Management LLC Grows Holdings in Precision Drilling Corporation $PDS

Key Points

• Mountain Lake Investment Management LLC increased its stake in Precision Drilling Corporation by 18.7%, acquiring an additional 9,731 shares, bringing their total holdings to 61,712 shares worth approximately $2.87 million.
• The stock has received multiple upgrades from analysts, including moving from a "hold" to a "strong-buy" rating by Zacks Research and an increased target price from $89.00 to $100.00 by the Royal Bank of Canada.
• As of the latest earnings report, Precision Drilling reported earnings per share of $0.77, significantly exceeding analysts' estimates and showing a positive trajectory in revenue and market confidence.

Mountain Lake Investment Management LLC boosted its position in shares of Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 18.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 61,712 shares of the oil and gas company's stock after purchasing an additional 9,731 shares during the quarter. Precision Drilling comprises about 2.7% of Mountain Lake Investment Management LLC's holdings, making the stock its 12th biggest holding. Mountain Lake Investment Management LLC owned 0.46% of Precision Drilling worth $2,875,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. National Bank of Canada FI raised its position in Precision Drilling by 1.4% in the 1st quarter. National Bank of Canada FI now owns 739,842 shares of the oil and gas company's stock worth $34,093,000 after buying an additional 10,216 shares during the last quarter. Nuveen LLC purchased a new position in shares of Precision Drilling during the first quarter valued at approximately $22,637,000. Bank of America Corp DE lifted its position in Precision Drilling by 33.3% during the fourth quarter. Bank of America Corp DE now owns 396,072 shares of the oil and gas company's stock valued at $24,188,000 after purchasing an additional 98,836 shares during the period. Dimensional Fund Advisors LP lifted its position in Precision Drilling by 12.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 265,254 shares of the oil and gas company's stock valued at $16,198,000 after purchasing an additional 29,612 shares during the period. Finally, Aegis Financial Corp boosted its holdings in Precision Drilling by 58.1% in the first quarter. Aegis Financial Corp now owns 195,505 shares of the oil and gas company's stock worth $9,089,000 after purchasing an additional 71,867 shares during the last quarter. 48.86% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Piper Sandler restated an "overweight" rating and issued a $74.00 price target (up from $72.00) on shares of Precision Drilling in a research note on Thursday, August 14th. Zacks Research raised Precision Drilling from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 15th. Finally, Royal Bank Of Canada boosted their price target on Precision Drilling from $89.00 to $100.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $87.00.

Precision Drilling Price Performance

Precision Drilling stock traded up $0.40 during mid-day trading on Tuesday, hitting $56.64. The stock had a trading volume of 109,742 shares, compared to its average volume of 64,869. Precision Drilling Corporation has a one year low of $36.20 and a one year high of $67.46. The company has a current ratio of 1.01, a quick ratio of 0.90 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $748.71 million, a P/E ratio of 11.92 and a beta of 1.15. The firm's 50 day moving average is $53.89 and its 200 day moving average is $48.13.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last released its earnings results on Tuesday, July 29th. The oil and gas company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.79. The firm had revenue of $299.14 million during the quarter, compared to analysts' expectations of $435.47 million. Precision Drilling had a return on equity of 6.21% and a net margin of 5.67%. On average, sell-side analysts forecast that Precision Drilling Corporation will post 7.1 earnings per share for the current fiscal year.

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.