Precision Drilling Corporation $PDS Shares Sold by Public Employees Retirement System of Ohio

Key Points

• The Public Employees Retirement System of Ohio reduced its stake in Precision Drilling Corporation by 18.4%, selling 5,506 shares and holding 24,435 shares valued at approximately $1.15 million at the end of Q2.
• Precision Drilling reported an earnings per share (EPS) of $0.77 for the last quarter, significantly surpassing expectations, although its revenue fell short of analyst forecasts at $299.14 million.
• Analysts have mixed ratings for Precision Drilling, with a current consensus of a "Moderate Buy" recommendation and a price target averaging $87.00.

Public Employees Retirement System of Ohio lowered its stake in shares of Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 18.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,435 shares of the oil and gas company's stock after selling 5,506 shares during the quarter. Public Employees Retirement System of Ohio owned about 0.18% of Precision Drilling worth $1,155,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Precision Drilling by 31.7% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 11,163 shares of the oil and gas company's stock valued at $520,000 after acquiring an additional 2,686 shares during the last quarter. Quotient Wealth Partners LLC purchased a new stake in shares of Precision Drilling during the 1st quarter worth about $3,192,000. Intact Investment Management Inc. purchased a new stake in shares of Precision Drilling during the 1st quarter worth about $2,594,000. Russell Investments Group Ltd. grew its holdings in shares of Precision Drilling by 157.6% during the 1st quarter. Russell Investments Group Ltd. now owns 16,418 shares of the oil and gas company's stock worth $763,000 after purchasing an additional 10,045 shares during the period. Finally, Greatmark Investment Partners Inc. grew its holdings in shares of Precision Drilling by 15.9% during the 1st quarter. Greatmark Investment Partners Inc. now owns 106,189 shares of the oil and gas company's stock worth $4,951,000 after purchasing an additional 14,588 shares during the period. Institutional investors and hedge funds own 48.86% of the company's stock.

Analyst Ratings Changes

PDS has been the subject of a number of research reports. Piper Sandler reiterated an "overweight" rating and set a $74.00 target price (up previously from $72.00) on shares of Precision Drilling in a report on Thursday, August 14th. Weiss Ratings reiterated a "hold (c)" rating on shares of Precision Drilling in a report on Saturday, September 27th. Zacks Research cut Precision Drilling from a "strong-buy" rating to a "hold" rating in a report on Monday, September 15th. Finally, Royal Bank Of Canada upped their price target on Precision Drilling from $89.00 to $100.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $87.00.

Precision Drilling Stock Performance

Precision Drilling stock opened at $58.07 on Friday. The stock has a market cap of $765.30 million, a P/E ratio of 12.22 and a beta of 1.11. The company has a current ratio of 1.01, a quick ratio of 0.90 and a debt-to-equity ratio of 0.33. The stock has a 50 day moving average of $56.30 and a 200-day moving average of $49.49. Precision Drilling Corporation has a 52 week low of $36.20 and a 52 week high of $67.35.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last released its earnings results on Tuesday, July 29th. The oil and gas company reported $0.77 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.79. The company 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%. On average, analysts expect that Precision Drilling Corporation will post 7.1 EPS for the current fiscal 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.

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