Precision Drilling Corporation $PDS Holdings Raised by Quantbot Technologies LP

Key Points

• Quantbot Technologies LP significantly increased its stake in Precision Drilling by acquiring 24,501 shares, raising its total holdings to 26,748 shares, worth approximately $1.25 million.
• Precision Drilling shares saw a 5.2% increase in value, with the stock trading at $57.27, and analysts projecting a consensus rating of "Buy" with an average price target of $87.00.
• The company reported earnings of $0.77 per share, surpassing expectations and showing signs of growth despite a revenue of $299.14 million, which was below analysts' estimates.

Quantbot Technologies LP boosted its stake in shares of Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 1,090.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,748 shares of the oil and gas company's stock after purchasing an additional 24,501 shares during the quarter. Quantbot Technologies LP owned approximately 0.20% of Precision Drilling worth $1,247,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PDS. Nuveen LLC acquired a new position in Precision Drilling during the 1st quarter valued at approximately $22,637,000. Millennium Management LLC raised its stake in Precision Drilling by 235.8% during the 4th quarter. Millennium Management LLC now owns 157,433 shares of the oil and gas company's stock valued at $9,621,000 after acquiring an additional 110,546 shares in the last quarter. Bank of America Corp DE raised its stake in Precision Drilling by 33.3% during the 4th quarter. Bank of America Corp DE now owns 396,072 shares of the oil and gas company's stock valued at $24,188,000 after acquiring an additional 98,836 shares in the last quarter. Aegis Financial Corp raised its stake in Precision Drilling by 58.1% during the 1st quarter. Aegis Financial Corp now owns 195,505 shares of the oil and gas company's stock valued at $9,089,000 after acquiring an additional 71,867 shares in the last quarter. Finally, Quotient Wealth Partners LLC bought a new stake in Precision Drilling during the 1st quarter valued at $3,192,000. Institutional investors and hedge funds own 48.86% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on PDS shares. Zacks Research raised Precision Drilling from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 15th. Royal Bank Of Canada lifted their target price on Precision Drilling from $89.00 to $100.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $74.00 target price (up previously from $72.00) on shares of Precision Drilling in a research note on Thursday, August 14th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Precision Drilling presently has an average rating of "Buy" and a consensus target price of $87.00.

Precision Drilling Price Performance

Shares of PDS traded down $0.02 during midday trading on Thursday, reaching $57.02. The stock had a trading volume of 7,385 shares, compared to its average volume of 113,282. Precision Drilling Corporation has a 52 week low of $36.20 and a 52 week high of $74.17. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.01 and a quick ratio of 0.90. The firm's 50 day moving average price is $52.19 and its 200-day moving average price is $48.06. The company has a market capitalization of $753.79 million, a P/E ratio of 11.99 and a beta of 1.15.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last posted its quarterly earnings data on Tuesday, July 29th. The oil and gas company reported $0.77 EPS 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 company had revenue of $299.14 million for the quarter, compared to the consensus estimate of $435.47 million. On average, analysts forecast that Precision Drilling Corporation will post 7.1 earnings per share 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.