JPMorgan Chase & Co. Increases Position in Precision Drilling Co. (NYSE:PDS)

JPMorgan Chase & Co. lifted its holdings in shares of Precision Drilling Co. (NYSE:PDS - Free Report) TSE: PD by 91.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,691 shares of the oil and gas company's stock after purchasing an additional 13,722 shares during the period. JPMorgan Chase & Co. owned 0.21% of Precision Drilling worth $1,752,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the business. Greatmark Investment Partners Inc. grew its position in shares of Precision Drilling by 9.0% during the 4th quarter. Greatmark Investment Partners Inc. now owns 91,601 shares of the oil and gas company's stock worth $5,594,000 after buying an additional 7,540 shares during the period. Franklin Resources Inc. raised its position in shares of Precision Drilling by 21.9% in the third quarter. Franklin Resources Inc. now owns 63,114 shares of the oil and gas company's stock valued at $3,961,000 after purchasing an additional 11,331 shares during the period. Mountain Lake Investment Management LLC boosted its holdings in Precision Drilling by 107.9% in the 4th quarter. Mountain Lake Investment Management LLC now owns 51,981 shares of the oil and gas company's stock worth $3,174,000 after buying an additional 26,981 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Precision Drilling by 18.1% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 22,800 shares of the oil and gas company's stock worth $1,393,000 after buying an additional 3,500 shares in the last quarter. Finally, Jane Street Group LLC boosted its stake in Precision Drilling by 73.5% during the third quarter. Jane Street Group LLC now owns 16,440 shares of the oil and gas company's stock valued at $1,014,000 after buying an additional 6,967 shares during the period. 48.86% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. StockNews.com cut Precision Drilling from a "buy" rating to a "hold" rating in a report on Monday, March 24th. Raymond James cut Precision Drilling from a "strong-buy" rating to an "outperform" rating in a research note on Wednesday, April 9th. Finally, TD Securities lowered Precision Drilling from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 3rd.

Precision Drilling Trading Down 3.2 %

PDS stock traded down $1.39 during trading on Wednesday, reaching $41.89. The company had a trading volume of 159,694 shares, compared to its average volume of 83,881. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.48 and a quick ratio of 1.35. Precision Drilling Co. has a 52 week low of $35.87 and a 52 week high of $79.07. The business has a 50 day moving average of $44.65 and a 200 day moving average of $55.19. The company has a market cap of $566.39 million, a P/E ratio of 7.79 and a beta of 1.53.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last announced its earnings results on Wednesday, April 23rd. The oil and gas company reported $1.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.57 by ($0.04). Precision Drilling had a return on equity of 6.72% and a net margin of 5.87%. The firm had revenue of $345.41 million during the quarter, compared to the consensus estimate of $508.06 million. As a group, sell-side analysts forecast that Precision Drilling Co. will post 7.1 earnings per share for the current fiscal 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.