Mountain Lake Investment Management LLC Boosts Stake 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 increased its holdings in shares of Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 18.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 61,712 shares of the oil and gas company's stock after buying an additional 9,731 shares during the quarter. Precision Drilling accounts for approximately 2.7% of Mountain Lake Investment Management LLC's holdings, making the stock its 12th largest holding. Mountain Lake Investment Management LLC owned 0.46% of Precision Drilling worth $2,875,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its holdings in Precision Drilling by 12.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 265,254 shares of the oil and gas company's stock worth $16,198,000 after purchasing an additional 29,612 shares in the last quarter. Jane Street Group LLC increased its holdings in Precision Drilling by 4.5% during the 4th quarter. Jane Street Group LLC now owns 17,183 shares of the oil and gas company's stock worth $1,049,000 after purchasing an additional 743 shares in the last quarter. BNP Paribas Financial Markets bought a new position in Precision Drilling during the 4th quarter worth about $1,521,000. Bank of America Corp DE increased its holdings in Precision Drilling by 33.3% during 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 in the last quarter. Finally, Balyasny Asset Management L.P. acquired a new stake in shares of Precision Drilling in the fourth quarter valued at about $485,000. Institutional investors and hedge funds own 48.86% of the company's stock.

Wall Street Analyst Weigh In

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

Precision Drilling Trading Down 1.7%

Shares of Precision Drilling stock traded down $0.95 during trading on Thursday, hitting $56.20. The company's stock had a trading volume of 50,209 shares, compared to its average volume of 111,512. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.01 and a quick ratio of 0.90. The stock has a 50-day moving average price of $54.02 and a two-hundred day moving average price of $48.19. Precision Drilling Corporation has a 52 week low of $36.20 and a 52 week high of $67.46. The stock has a market cap of $742.90 million, a price-to-earnings ratio of 11.83 and a beta of 1.15.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last issued 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 firm had revenue of $299.14 million during the quarter, compared to the consensus estimate of $435.47 million. Precision Drilling had a return on equity of 6.21% and a net margin of 5.67%. Equities research analysts anticipate that Precision Drilling Corporation will post 7.1 EPS for the current fiscal year.

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.