Quantbot Technologies LP Acquires 24,501 Shares of Precision Drilling Corporation $PDS

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 raised its holdings in Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 1,090.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 26,748 shares of the oil and gas company's stock after buying an additional 24,501 shares during the period. Quantbot Technologies LP owned about 0.20% of Precision Drilling worth $1,247,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in PDS. JPMorgan Chase & Co. lifted its holdings in Precision Drilling by 91.7% during the fourth quarter. JPMorgan Chase & Co. now owns 28,691 shares of the oil and gas company's stock valued at $1,752,000 after purchasing an additional 13,722 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Precision Drilling by 6.1% during the 4th quarter. Geode Capital Management LLC now owns 7,285 shares of the oil and gas company's stock valued at $450,000 after purchasing an additional 418 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Precision Drilling by 12.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 265,254 shares of the oil and gas company's stock valued at $16,198,000 after purchasing an additional 29,612 shares during the last quarter. TD Waterhouse Canada Inc. grew its holdings in shares of Precision Drilling by 96.5% during the 4th quarter. TD Waterhouse Canada Inc. now owns 22,920 shares of the oil and gas company's stock valued at $1,398,000 after purchasing an additional 11,257 shares during the last quarter. Finally, Oberweis Asset Management Inc. grew its holdings in shares of Precision Drilling by 14.6% during the 4th quarter. Oberweis Asset Management Inc. now owns 68,400 shares of the oil and gas company's stock valued at $4,177,000 after purchasing an additional 8,700 shares during the last quarter. Institutional investors own 48.86% of the company's stock.

Precision Drilling Stock Up 5.2%

Shares of Precision Drilling stock opened at $57.2730 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.90 and a current ratio of 1.01. The stock has a market capitalization of $757.15 million, a PE ratio of 12.06 and a beta of 1.15. Precision Drilling Corporation has a 52-week low of $36.20 and a 52-week high of $75.19. The company has a 50-day simple moving average of $51.86 and a two-hundred day simple moving average of $48.06.

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

Wall Street Analyst Weigh In

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

Precision Drilling 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.

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