Aigen Investment Management LP Grows Stock Position in Precision Drilling Corporation (NYSE:PDS)

Key Points

• Aigen Investment Management LP increased its stake in Precision Drilling Corporation by 495.3% during the first quarter, acquiring a total of 22,431 shares valued at approximately $1,046,000.
• Precision Drilling reported $0.77 earnings per share for the recent quarter, significantly exceeding analysts’ estimates, despite revenue falling short at $299.14 million.
• Analysts have issued a consensus rating of "Moderate Buy" for Precision Drilling, with an average price target of $86.00 per share, reflecting positive expectations for the company.

Aigen Investment Management LP boosted its position in Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 495.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 22,431 shares of the oil and gas company's stock after purchasing an additional 18,663 shares during the quarter. Aigen Investment Management LP owned approximately 0.17% of Precision Drilling worth $1,046,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Aquatic Capital Management LLC purchased a new position in shares of Precision Drilling in the 4th quarter worth approximately $71,000. Deutsche Bank AG purchased a new position in Precision Drilling in the fourth quarter worth $85,000. Alberta Investment Management Corp acquired a new position in shares of Precision Drilling during the first quarter worth $344,000. Graham Capital Management L.P. purchased a new stake in shares of Precision Drilling during the 4th quarter valued at $346,000. Finally, Orion Resource Partners LP boosted its position in shares of Precision Drilling by 65.6% in 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 in the last quarter. 48.86% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PDS has been the subject of a number of research analyst reports. Royal Bank Of Canada increased their price target on Precision Drilling from $89.00 to $100.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Piper Sandler reiterated an "overweight" rating and issued a $74.00 target price (up from $72.00) on shares of Precision Drilling in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Precision Drilling currently has an average rating of "Moderate Buy" and a consensus target price of $87.00.

Precision Drilling Stock Performance

Shares of NYSE PDS traded down $0.56 during midday trading on Thursday, reaching $55.03. 41,905 shares of the stock were exchanged, compared to its average volume of 116,718. 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 50-day simple moving average of $51.10 and a two-hundred day simple moving average of $48.29. Precision Drilling Corporation has a twelve month low of $36.20 and a twelve month high of $75.19. The firm has a market cap of $727.51 million, a price-to-earnings ratio of 11.59 and a beta of 1.15.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last posted its quarterly earnings data on Tuesday, July 29th. The oil and gas company reported $0.77 EPS for the quarter, beating analysts' consensus estimates of ($0.02) by $0.79. The business had revenue of $299.14 million during the quarter, compared to analysts' expectations of $435.47 million. Precision Drilling had a return on equity of 6.21% and a net margin of 5.67%. As a group, analysts anticipate 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.