Precision Drilling Corporation $PDS Shares Bought by Hillsdale Investment Management Inc.

Key Points

• Hillsdale Investment Management increased its stake in Precision Drilling by 67% in the first quarter, buying an additional 195,598 shares and bringing its total to 487,434 shares worth about $47.96 million.
• Other hedge funds also added or increased positions in PDS, and institutional investors now own 48.86% of the company’s shares.
• Analyst sentiment is mixed: recent downgrades from Weiss Ratings and Zacks Research offset upgrades and a higher target from RBC, while MarketBeat’s consensus rating remains Moderate Buy with a $122.33 average price target.

Hillsdale Investment Management Inc. grew its holdings in shares of Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 67.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 487,434 shares of the oil and gas company's stock after purchasing an additional 195,598 shares during the quarter. Precision Drilling makes up about 1.3% of Hillsdale Investment Management Inc.'s investment portfolio, making the stock its 12th biggest position. Hillsdale Investment Management Inc. owned 3.76% of Precision Drilling worth $47,957,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in PDS. Cubist Systematic Strategies LLC purchased a new stake in shares of Precision Drilling in the first quarter valued at $45,000. Quarry LP purchased a new position in Precision Drilling during the third quarter worth about $54,000. Raymond James Financial Inc. acquired a new stake in Precision Drilling in the 2nd quarter worth about $57,000. Wolverine Asset Management LLC grew its holdings in Precision Drilling by 112.9% in the 4th quarter. Wolverine Asset Management LLC now owns 802 shares of the oil and gas company's stock valued at $58,000 after buying an additional 7,000 shares during the period. Finally, US Bancorp DE grew its holdings in Precision Drilling by 52.3% in the 3rd quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company's stock valued at $67,000 after buying an additional 408 shares during the period. Institutional investors and hedge funds own 48.86% of the company's stock.

Analyst Upgrades and Downgrades

PDS has been the topic of several recent analyst reports. Weiss Ratings lowered shares of Precision Drilling from a "hold (c-)" rating to a "sell (d+)" rating in a report on Tuesday, June 23rd. Royal Bank Of Canada boosted their target price on shares of Precision Drilling from $124.00 to $140.00 and gave the company an "outperform" rating in a report on Monday, March 23rd. Wall Street Zen lowered shares of Precision Drilling from a "buy" rating to a "hold" rating in a research report on Sunday, March 22nd. Zacks Research downgraded shares of Precision Drilling from a "hold" rating to a "strong sell" rating in a research note on Wednesday, July 1st. Finally, TD Securities reiterated a "hold" rating on shares of Precision Drilling in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $122.33.

Precision Drilling Stock Performance

Shares of NYSE:PDS opened at $83.52 on Tuesday. The firm has a market capitalization of $1.08 billion, a PE ratio of -88.85 and a beta of 0.76. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.70 and a quick ratio of 1.52. The business has a 50-day moving average of $88.47 and a two-hundred day moving average of $86.87. Precision Drilling Corporation has a 12 month low of $48.59 and a 12 month high of $103.80.

Precision Drilling Profile

Precision Drilling Corporation NYSE: PDS is a Calgary, Alberta–based oilfield services company that has provided drilling solutions since its founding in 1951. With more than seven decades of industry experience, the company delivers contract drilling services, directional and horizontal drilling, well servicing, and a suite of specialized equipment designed to meet the evolving needs of exploration and production companies worldwide.

The company's core business activities include operating a fleet of onshore drilling rigs, offering managed pressure drilling, measurement-while-drilling (MWD) and logging-while-drilling (LWD) services, and providing completion and workover rigs.

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