Bank of America Corp DE Has $24.19 Million Stock Position in Precision Drilling Co. (NYSE:PDS)

Bank of America Corp DE lifted its position in shares of Precision Drilling Co. (NYSE:PDS - Free Report) TSE: PD by 33.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 396,072 shares of the oil and gas company's stock after buying an additional 98,836 shares during the period. Bank of America Corp DE owned approximately 2.87% of Precision Drilling worth $24,188,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Aquatic Capital Management LLC acquired a new stake in Precision Drilling in the 4th quarter valued at approximately $71,000. Signaturefd LLC increased its holdings in Precision Drilling by 30.1% in the 4th quarter. Signaturefd LLC now owns 2,159 shares of the oil and gas company's stock valued at $132,000 after purchasing an additional 499 shares during the last quarter. Quantbot Technologies LP increased its holdings in Precision Drilling by 1,741.8% in the 4th quarter. Quantbot Technologies LP now owns 2,247 shares of the oil and gas company's stock valued at $137,000 after purchasing an additional 2,125 shares during the last quarter. Blue Trust Inc. increased its holdings in Precision Drilling by 64.7% in the 4th quarter. Blue Trust Inc. now owns 3,298 shares of the oil and gas company's stock valued at $203,000 after purchasing an additional 1,295 shares during the last quarter. Finally, Barclays PLC increased its holdings in Precision Drilling by 1,579.0% in the 3rd quarter. Barclays PLC now owns 3,358 shares of the oil and gas company's stock valued at $207,000 after purchasing an additional 3,158 shares during the last quarter. Institutional investors and hedge funds own 48.86% of the company's stock.

Analysts Set New Price Targets

PDS has been the subject of several recent research reports. Wall Street Zen cut shares of Precision Drilling from a "buy" rating to a "hold" rating in a research report on Monday, March 24th. Raymond James cut shares of Precision Drilling from a "strong-buy" rating to an "outperform" rating in a research report on Wednesday, April 9th. Finally, TD Securities cut shares of Precision Drilling from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 3rd.

Precision Drilling Stock Up 2.9%

Shares of Precision Drilling stock traded up $1.19 during trading on Friday, hitting $42.24. 56,452 shares of the stock were exchanged, compared to its average volume of 85,784. The stock has a market cap of $571.21 million, a price-to-earnings ratio of 7.85 and a beta of 1.07. The firm's 50-day moving average price is $43.21 and its 200 day moving average price is $53.09. Precision Drilling Co. has a 12-month low of $36.20 and a 12-month high of $79.07. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.48 and a quick ratio of 1.35.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last announced its quarterly earnings results on Wednesday, April 23rd. The oil and gas company reported $1.53 earnings per share for the quarter, missing analysts' consensus estimates of $1.57 by ($0.04). The company had revenue of $345.41 million during the quarter, compared to analysts' expectations of $508.06 million. Precision Drilling had a net margin of 5.87% and a return on equity of 6.72%. As a group, analysts forecast that Precision Drilling Co. will post 7.1 earnings per share 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.