Trexquant Investment LP Has $2.29 Million Holdings in Precision Drilling Corporation $PDS

Key Points

• Trexquant Investment LP significantly boosted its stake in Precision Drilling Corporation by 169.8%, acquiring an additional 30,931 shares, bringing its total to 49,144 shares valued at approximately $2.29 million.
• Various hedge funds have also shown increased interest, with notable investments from Nuveen LLC ($22.6 million) and Millennium Management LLC (235.8% stake increase).
• Analysts have raised their ratings for Precision Drilling, with Zacks upgrading it to "strong-buy" and Royal Bank of Canada adjusting its price target from $89 to $100.

Trexquant Investment LP grew its stake in Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 169.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 49,144 shares of the oil and gas company's stock after buying an additional 30,931 shares during the period. Trexquant Investment LP owned approximately 0.36% of Precision Drilling worth $2,291,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Sumitomo Mitsui Trust Group Inc. lifted its position 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 worth $520,000 after purchasing an additional 2,686 shares during the last quarter. Quotient Wealth Partners LLC acquired a new position in shares of Precision Drilling during the 1st quarter worth about $3,192,000. Intact Investment Management Inc. acquired a new position in shares of Precision Drilling during the 1st quarter worth about $2,594,000. Russell Investments Group Ltd. lifted its position 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 last quarter. Finally, Greatmark Investment Partners Inc. lifted its position 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 last quarter. Institutional investors and hedge funds own 48.86% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PDS. Zacks Research upgraded Precision Drilling from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 15th. Royal Bank Of Canada boosted their price target 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 restated an "overweight" rating and set a $74.00 price target (up from $72.00) on shares of Precision Drilling in a research note on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $87.00.

Precision Drilling Price Performance

Shares of PDS stock traded up $0.93 during trading hours on Tuesday, hitting $57.17. The company had a trading volume of 33,582 shares, compared to its average volume of 111,657. Precision Drilling Corporation has a 12 month low of $36.20 and a 12 month high of $67.46. The firm has a market capitalization of $755.84 million, a price-to-earnings ratio of 12.05 and a beta of 1.15. The firm's fifty day moving average is $53.72 and its 200 day moving average is $48.07. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.90 and a current ratio of 1.01.

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. The company had revenue of $299.14 million for 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%. On average, sell-side analysts predict that Precision Drilling Corporation will post 7.1 EPS for the current fiscal 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.