Precision Drilling Corporation (NYSE:PDS) Shares Bought by Aegis Financial Corp

Key Points

• Aegis Financial Corp increased its stake in Precision Drilling Corporation by 58.1%, now holding 195,505 shares valued at approximately $9.09 million, making it the firm's fourth largest position.
• Precision Drilling reported earnings of $0.77 EPS in its latest quarter, significantly beating analysts' expectations, but revenue was below forecasts at $299.14 million.
• The stock price of Precision Drilling recently dropped 3.9% to $54.15, while analysts maintain a consensus rating of "Moderate Buy" with an average target price of $86.00.

Aegis Financial Corp boosted its stake in shares of Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 58.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 195,505 shares of the oil and gas company's stock after buying an additional 71,867 shares during the period. Precision Drilling makes up approximately 7.8% of Aegis Financial Corp's holdings, making the stock its 4th biggest holding. Aegis Financial Corp owned 1.45% of Precision Drilling worth $9,089,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Aquatic Capital Management LLC acquired a new position in Precision Drilling during the fourth quarter worth about $71,000. Deutsche Bank AG bought a new position in shares of Precision Drilling during the 4th quarter worth approximately $85,000. Graham Capital Management L.P. acquired a new position in shares of Precision Drilling during the fourth quarter worth approximately $346,000. Orion Resource Partners LP raised its position in shares of Precision Drilling by 65.6% during the fourth 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 period. Finally, Russell Investments Group Ltd. raised its position in shares of Precision Drilling by 246.5% during the fourth quarter. Russell Investments Group Ltd. now owns 6,373 shares of the oil and gas company's stock worth $390,000 after purchasing an additional 4,534 shares during the period. 48.86% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently weighed in on PDS shares. Piper Sandler started coverage on Precision Drilling in a report on Tuesday, July 15th. They issued an "overweight" rating and a $72.00 price objective for the company. Royal Bank Of Canada lifted their price objective on Precision Drilling from $89.00 to $100.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Finally, Raymond James Financial downgraded Precision Drilling from a "strong-buy" rating to an "outperform" rating in a research note on Wednesday, April 9th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $86.00.

Precision Drilling Trading Up 1.0%

Precision Drilling stock traded up $0.54 during trading hours on Tuesday, reaching $54.12. The company had a trading volume of 34,385 shares, compared to its average volume of 118,322. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.01 and a quick ratio of 0.90. Precision Drilling Corporation has a 12-month low of $36.20 and a 12-month high of $75.19. The firm has a market cap of $719.25 million, a price-to-earnings ratio of 11.39 and a beta of 1.15. The company has a 50-day moving average price of $49.61 and a 200 day moving average price of $48.54.

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

Precision Drilling Company 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.