Precision Drilling Corporation (NYSE:PDS) Shares Bought by National Bank of Canada FI

Key Points

• The National Bank of Canada FI has increased its holdings in Precision Drilling Corporation by 1.4%, now owning 739,842 shares valued at approximately $34.1 million.
• Precision Drilling reported earnings of $0.77 per share for the last quarter, significantly exceeding analysts' expectations of a loss, with revenue of $299.14 million.
• Wall Street analysts have given Precision Drilling a consensus rating of "Moderate Buy" with a target price of $86.00, reflecting overall positive sentiment towards the stock.

National Bank of Canada FI raised its stake in Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 1.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 739,842 shares of the oil and gas company's stock after purchasing an additional 10,216 shares during the quarter. National Bank of Canada FI owned 5.47% of Precision Drilling worth $34,093,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. lifted its holdings in shares of Precision Drilling by 2.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 31,023 shares of the oil and gas company's stock valued at $1,442,000 after buying an additional 835 shares during the period. Aegis Financial Corp raised its holdings in Precision Drilling by 58.1% during 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. Alberta Investment Management Corp acquired a new position in Precision Drilling during the first quarter worth $344,000. Mackenzie Financial Corp raised its holdings in Precision Drilling by 5.8% during the first quarter. Mackenzie Financial Corp now owns 9,752 shares of the oil and gas company's stock worth $453,000 after purchasing an additional 533 shares during the last quarter. Finally, Carrera Capital Advisors acquired a new position in shares of Precision Drilling in the first quarter worth $866,000. 48.86% of the stock is currently owned by hedge funds and other institutional investors.

Precision Drilling Trading Down 0.4%

Shares of NYSE:PDS traded down $0.24 during midday trading on Wednesday, reaching $55.54. The company's stock had a trading volume of 52,973 shares, compared to its average volume of 117,197. The firm has a market cap of $734.07 million, a price-to-earnings ratio of 11.69 and a beta of 1.15. The company has a quick ratio of 0.90, a current ratio of 1.01 and a debt-to-equity ratio of 0.33. Precision Drilling Corporation has a 1 year low of $36.20 and a 1 year high of $75.19. The business has a 50 day moving average price of $50.92 and a 200 day moving average price of $48.24.

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 (EPS) for the quarter, beating analysts' consensus estimates of ($0.02) by $0.79. Precision Drilling had a return on equity of 6.21% and a net margin of 5.67%. The firm had revenue of $299.14 million during the quarter, compared to the consensus estimate of $435.47 million. Research analysts forecast that Precision Drilling Corporation will post 7.1 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Piper Sandler assumed coverage on Precision Drilling in a report on Tuesday, July 15th. They issued an "overweight" rating and a $72.00 price target for the company. Royal Bank Of Canada lifted their price objective on Precision Drilling from $89.00 to $100.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, Precision Drilling currently has an average rating of "Moderate Buy" and a consensus target price of $86.00.

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.