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 raised its stake in shares of Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 495.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,431 shares of the oil and gas company's stock after acquiring 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.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Millennium Management LLC boosted its position in shares of Precision Drilling by 235.8% in 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 in the last quarter. Bank of America Corp DE boosted its position in shares of Precision Drilling by 33.3% in 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 in the last quarter. Aegis Financial Corp boosted 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 purchasing an additional 71,867 shares in the last quarter. Quotient Wealth Partners LLC acquired a new stake in shares of Precision Drilling in the 1st quarter worth $3,192,000. Finally, Intact Investment Management Inc. acquired a new stake in shares of Precision Drilling in the 1st quarter worth $2,594,000. Institutional investors own 48.86% of the company's stock.

Analyst Ratings Changes

PDS has been the subject of a number of recent analyst reports. Royal Bank Of Canada raised their price objective on Precision Drilling from $89.00 to $100.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Piper Sandler reissued an "overweight" rating and issued a $74.00 price objective (up previously from $72.00) on shares of Precision Drilling in a research report on Thursday. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $87.00.

Precision Drilling Stock Performance

PDS stock traded down $0.74 during midday trading on Friday, reaching $54.30. The stock had a trading volume of 11,691 shares, compared to its average volume of 116,039. The stock has a market cap of $717.86 million, a PE ratio of 11.43 and a beta of 1.15. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.90 and a current ratio of 1.01. The firm has a fifty day simple moving average of $51.28 and a two-hundred day simple moving average of $48.24. Precision Drilling Corporation has a 52-week low of $36.20 and a 52-week high of $75.19.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last issued its earnings results on Tuesday, July 29th. The oil and gas company reported $0.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.02) by $0.79. The company 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%. As a group, equities research analysts anticipate that Precision Drilling Corporation will post 7.1 EPS for the current 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.