Russell Investments Group Ltd. Boosts Stock Holdings in Precision Drilling Corporation $PDS

Key Points

• Russell Investments Group Ltd. significantly increased its stake in Precision Drilling Corporation by 157.6%, owning 16,418 shares valued at approximately $763,000.
• Multiple institutional investors recently acquired shares in Precision Drilling, contributing to a total of 48.86% of the company's stock being owned by institutional investors.
• Recent analyst upgrades indicate a positive outlook for Precision Drilling, with a consensus target price of $87.00 and ratings varying from "Strong Buy" to "Buy".

Russell Investments Group Ltd. boosted its position in Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 157.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,418 shares of the oil and gas company's stock after buying an additional 10,045 shares during the period. Russell Investments Group Ltd. owned approximately 0.12% of Precision Drilling worth $763,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PDS. Aquatic Capital Management LLC bought a new stake in Precision Drilling in the 4th quarter valued at about $71,000. Deutsche Bank AG bought a new stake in Precision Drilling in the 4th quarter valued at about $85,000. Alberta Investment Management Corp bought a new stake in Precision Drilling during the 1st quarter worth approximately $344,000. Graham Capital Management L.P. bought a new stake in Precision Drilling during the 4th quarter worth approximately $346,000. Finally, Orion Resource Partners LP increased its holdings in Precision Drilling by 65.6% during the 4th quarter. Orion Resource Partners LP now owns 5,714 shares of the oil and gas company's stock worth $349,000 after purchasing an additional 2,263 shares in the last quarter. 48.86% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Precision Drilling Stock Performance

Shares of PDS stock traded up $0.58 during trading on Thursday, hitting $57.95. The company's stock had a trading volume of 6,578 shares, compared to its average volume of 112,134. The company has a market cap of $766.10 million, a PE ratio of 12.19 and a beta of 1.15. 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 business has a fifty day moving average of $53.13 and a 200-day moving average of $48.11. Precision Drilling Corporation has a 52 week low of $36.20 and a 52 week high of $68.16.

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 earnings per share (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 analyst estimates of $435.47 million. Precision Drilling had a return on equity of 6.21% and a net margin of 5.67%. As a group, research analysts anticipate that Precision Drilling Corporation will post 7.1 earnings per share for the current year.

Precision Drilling Company 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.