Precision Drilling Corporation $PDS Shares Acquired by Northwest & Ethical Investments L.P.

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. grew its holdings in shares of Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 157.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,303 shares of the oil and gas company's stock after purchasing an additional 5,081 shares during the quarter. Northwest & Ethical Investments L.P. owned approximately 0.06% of Precision Drilling worth $386,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PDS. Aquatic Capital Management LLC acquired a new stake in Precision Drilling during the 4th quarter worth $71,000. Deutsche Bank AG acquired a new stake in Precision Drilling during the 4th quarter worth $85,000. Alberta Investment Management Corp acquired a new stake in Precision Drilling during the 1st quarter worth $344,000. Graham Capital Management L.P. acquired a new stake in Precision Drilling during the 4th quarter worth $346,000. Finally, Orion Resource Partners LP boosted its stake in Precision Drilling by 65.6% during the 4th quarter. Orion Resource Partners LP now owns 5,714 shares of the oil and gas company's stock worth $349,000 after purchasing an additional 2,263 shares during the last quarter. Institutional investors and hedge funds own 48.86% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PDS. Piper Sandler reissued an "overweight" rating and set a $74.00 price target (up previously from $72.00) on shares of Precision Drilling in a research report on Thursday, August 14th. Royal Bank Of Canada boosted 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. Finally, Zacks Research raised shares of Precision Drilling from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 15th. One investment 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 data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $87.00.

Precision Drilling Trading Down 0.6%

PDS traded down $0.3270 on Monday, hitting $56.8830. The company had a trading volume of 61,857 shares, compared to its average volume of 83,286. The firm has a market cap of $751.99 million, a P/E ratio of 11.98 and a beta of 1.15. Precision Drilling Corporation has a 1 year low of $36.20 and a 1 year high of $75.19. The company's fifty day moving average price is $51.98 and its 200 day moving average price is $47.94. The company has a current ratio of 1.01, a quick ratio of 0.90 and a debt-to-equity ratio of 0.33.

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