National Bank of Canada FI Has $34.09 Million Stock Position in Precision Drilling Corporation (NYSE:PDS)

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 lifted its stake in shares of Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 1.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 739,842 shares of the oil and gas company's stock after buying an additional 10,216 shares during the quarter. National Bank of Canada FI owned 5.47% of Precision Drilling worth $34,093,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Millennium Management LLC increased its holdings in Precision Drilling by 235.8% during 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 last quarter. 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 during the last quarter. Aegis Financial Corp grew its position in shares of Precision Drilling by 58.1% in the 1st quarter. Aegis Financial Corp now owns 195,505 shares of the oil and gas company's stock worth $9,089,000 after acquiring an additional 71,867 shares in the last quarter. Quotient Wealth Partners LLC acquired a new position in shares of Precision Drilling in the 1st quarter worth approximately $3,192,000. Finally, Intact Investment Management Inc. acquired a new position in shares of Precision Drilling in the 1st quarter worth approximately $2,594,000. 48.86% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PDS. Piper Sandler reiterated 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. Royal Bank Of Canada boosted 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 given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $87.00.

Precision Drilling Stock Performance

PDS stock traded down $1.11 during trading on Thursday, reaching $54.48. 20,378 shares of the company's stock were exchanged, compared to its average volume of 116,573. The company has a quick ratio of 0.90, a current ratio of 1.01 and a debt-to-equity ratio of 0.33. The firm has a market cap of $720.21 million, a PE ratio of 11.48 and a beta of 1.15. The company's fifty day moving average price is $51.10 and its 200-day moving average price is $48.29. Precision Drilling Corporation has a 1-year low of $36.20 and a 1-year high of $75.19.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last announced its quarterly earnings data on Tuesday, July 29th. The oil and gas company reported $0.77 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.79. The business had revenue of $299.14 million during the quarter, compared to analyst estimates of $435.47 million. Precision Drilling had a return on equity of 6.21% and a net margin of 5.67%. On average, research analysts expect that Precision Drilling Corporation will post 7.1 EPS for the current fiscal year.

Precision Drilling 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.