Northwest & Ethical Investments L.P. Purchases 5,081 Shares of Precision Drilling Corporation $PDS

Key Points

• Northwest & Ethical Investments L.P. significantly increased its stake in Precision Drilling Corporation by 157.7% in Q1, acquiring an additional 5,081 shares, bringing its total ownership to approximately 8,303 shares valued at $386,000.
• Several hedge funds, including Sumitomo Mitsui Trust Group Inc., have also recently increased their holdings in Precision Drilling, with institutional investors now owning 48.86% of the company's stock.
• Analysts have provided positive outlooks for Precision Drilling, with consensus ratings reflecting a "Buy" and an average target price of $87.00, following strong quarterly earnings that surpassed estimates.

Northwest & Ethical Investments L.P. raised its position in shares of Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 157.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,303 shares of the oil and gas company's stock after acquiring an additional 5,081 shares during the period. Northwest & Ethical Investments L.P. owned approximately 0.06% of Precision Drilling worth $386,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Precision Drilling by 31.7% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 11,163 shares of the oil and gas company's stock valued at $520,000 after acquiring an additional 2,686 shares during the period. Quotient Wealth Partners LLC bought a new stake in shares of Precision Drilling in the first quarter valued at about $3,192,000. Intact Investment Management Inc. bought a new stake in shares of Precision Drilling in the first quarter valued at about $2,594,000. Greatmark Investment Partners Inc. lifted its stake in shares of Precision Drilling by 15.9% in the first quarter. Greatmark Investment Partners Inc. now owns 106,189 shares of the oil and gas company's stock valued at $4,951,000 after buying an additional 14,588 shares during the period. Finally, MQS Management LLC bought a new stake in shares of Precision Drilling in the first quarter valued at about $420,000. 48.86% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on PDS shares. 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 note on Thursday, August 14th. Royal Bank Of Canada increased their target price on shares of Precision Drilling from $89.00 to $100.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Finally, Zacks Research upgraded shares of Precision Drilling from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 15th. One research 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 MarketBeat, Precision Drilling currently has a consensus rating of "Buy" and an average target price of $87.00.

Precision Drilling Stock Performance

NYSE:PDS opened at $53.25 on Wednesday. Precision Drilling Corporation has a 12-month low of $36.20 and a 12-month high of $75.19. 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 capitalization of $703.97 million, a PE ratio of 11.21 and a beta of 1.15. The firm has a 50-day moving average price of $51.58 and a 200 day moving average price of $48.04.

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, topping the consensus estimate of ($0.02) by $0.79. Precision Drilling had a net margin of 5.67% and a return on equity of 6.21%. The firm had revenue of $299.14 million during the quarter, compared to analyst estimates of $435.47 million. Research analysts anticipate 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.

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