Trexquant Investment LP Purchases 30,931 Shares of 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 increased its position in shares of 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 & Exchange Commission. 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 0.36% of Precision Drilling worth $2,291,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

PDS has been the subject of several research analyst reports. Zacks Research raised shares of Precision Drilling from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 15th. Piper Sandler reaffirmed an "overweight" rating and issued a $74.00 price target (up from $72.00) on shares of Precision Drilling in a research note on Thursday, August 14th. 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 note on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $87.00.

Precision Drilling Trading Down 2.1%

NYSE:PDS opened at $57.44 on Thursday. 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 has a 50-day moving average of $53.13 and a 200-day moving average of $48.11. The company has a market cap of $759.33 million, a PE ratio of 12.09 and a beta of 1.15. Precision Drilling Corporation has a one year low of $36.20 and a one year high of $68.90.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last posted its earnings results on Tuesday, July 29th. The oil and gas company reported $0.77 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.79. The company had revenue of $299.14 million during the quarter, compared to the consensus estimate of $435.47 million. Precision Drilling had a net margin of 5.67% and a return on equity of 6.21%. As a group, equities research analysts expect that Precision Drilling Corporation will post 7.1 EPS for the current fiscal year.

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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