TD Asset Management Inc Reduces Stock Position in Precision Drilling Corporation $PDS

Key Points

• TD Asset Management Inc has reduced its stake in Precision Drilling Corporation by 57.0%, now holding 16,853 shares valued at approximately $797,000.
• Institutional investors collectively own 48.86% of Precision Drilling, with several firms increasing their positions, such as Signaturefd LLC, which boosted its holdings by 52.4%.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Precision Drilling, with a target price averaging around $87.00, after various upgrades and downgrades in recent evaluations.

TD Asset Management Inc decreased its holdings in Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 57.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,853 shares of the oil and gas company's stock after selling 22,364 shares during the quarter. TD Asset Management Inc owned 0.13% of Precision Drilling worth $797,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. PCJ Investment Counsel Ltd. boosted its holdings in shares of Precision Drilling by 2.9% in 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 during the last quarter. Vident Advisory LLC boosted its holdings in shares of Precision Drilling by 8.2% in the first quarter. Vident Advisory LLC now owns 6,766 shares of the oil and gas company's stock worth $315,000 after buying an additional 512 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in shares of Precision Drilling by 5.8% in 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 during the last quarter. Signaturefd LLC boosted its holdings in shares of Precision Drilling by 52.4% in the second quarter. Signaturefd LLC now owns 2,230 shares of the oil and gas company's stock worth $105,000 after buying an additional 767 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Precision Drilling by 2.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 31,023 shares of the oil and gas company's stock worth $1,442,000 after buying an additional 835 shares during the last quarter. Hedge funds and other institutional investors own 48.86% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on PDS shares. Wall Street Zen upgraded shares of Precision Drilling from a "hold" rating to a "buy" rating in a research note on Saturday, October 18th. Weiss Ratings restated a "hold (c)" rating on shares of Precision Drilling in a research note on Wednesday, October 8th. Royal Bank Of Canada lifted their price objective 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. Piper Sandler reiterated an "overweight" rating and set a $74.00 price objective (up previously from $72.00) on shares of Precision Drilling in a research report on Thursday, August 14th. Finally, Zacks Research cut shares of Precision Drilling from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 15th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $87.00.

Precision Drilling Stock Performance

Shares of Precision Drilling stock opened at $56.31 on Thursday. The firm has a market capitalization of $741.54 million, a P/E ratio of 11.85 and a beta of 1.11. 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 company has a 50 day moving average price of $56.51 and a 200 day moving average price of $50.34. 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 announced its quarterly earnings data on Wednesday, October 22nd. The oil and gas company reported ($0.37) EPS for the quarter, missing the consensus estimate of $0.95 by ($1.32). Precision Drilling had a net margin of 5.67% and a return on equity of 6.21%. Sell-side analysts expect that Precision Drilling Corporation will post 7.1 EPS for the current 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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