BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $361,000 Stock Holdings in Precision Drilling Corporation $PDS

Key Points

• BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp significantly reduced its stake in Precision Drilling Corporation by 72.8% during the first quarter, owning only 0.06% of the company after selling 20,747 shares.
• Analysts have raised their price targets for Precision Drilling, with Royal Bank of Canada increasing its target from $89.00 to $100.00 and Zacks Research upgrading the stock to a "strong-buy" rating.
• Precision Drilling reported $0.77 earnings per share for the latest quarter, significantly beating analysts' expectations of a loss, although its revenue was below estimates at $299.14 million.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its stake in shares of Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 72.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,760 shares of the oil and gas company's stock after selling 20,747 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned about 0.06% of Precision Drilling worth $361,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Precision Drilling by 2.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,388 shares of the oil and gas company's stock worth $695,000 after buying an additional 250 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Precision Drilling by 6.1% during the fourth quarter. Geode Capital Management LLC now owns 7,285 shares of the oil and gas company's stock worth $450,000 after buying an additional 418 shares in the last quarter. PCJ Investment Counsel Ltd. increased its holdings in shares of Precision Drilling by 2.9% during the first quarter. PCJ Investment Counsel Ltd. now owns 16,830 shares of the oil and gas company's stock worth $783,000 after buying an additional 470 shares in the last quarter. Mackenzie Financial Corp increased its holdings in shares of Precision Drilling by 5.8% during the first quarter. Mackenzie Financial Corp now owns 9,752 shares of the oil and gas company's stock worth $453,000 after buying an additional 533 shares in the last quarter. Finally, Jane Street Group LLC increased its holdings in shares of Precision Drilling by 4.5% during the fourth quarter. Jane Street Group LLC now owns 17,183 shares of the oil and gas company's stock worth $1,049,000 after buying an additional 743 shares in the last quarter. 48.86% of the stock is currently owned by institutional investors and hedge funds.

Precision Drilling Trading Up 2.6%

Precision Drilling stock traded up $1.47 during trading hours on Friday, reaching $57.87. 72,675 shares of the company's stock were exchanged, compared to its average volume of 70,467. 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's 50 day simple moving average is $52.45 and its 200 day simple moving average is $48.00. Precision Drilling Corporation has a twelve month low of $36.20 and a twelve month high of $74.17. The firm has a market capitalization of $764.91 million, a PE ratio of 12.18 and a beta of 1.15.

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

Wall Street Analysts Forecast Growth

PDS has been the subject of several research analyst reports. Royal Bank Of Canada upped their price target on shares of Precision Drilling from $89.00 to $100.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Zacks Research upgraded Precision Drilling from a "hold" rating to a "strong-buy" rating in a report on Friday, August 15th. Finally, Piper Sandler restated an "overweight" rating and issued a $74.00 price objective (up from $72.00) on shares of Precision Drilling in a report on Thursday, August 14th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $87.00.

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.