Ninepoint Partners LP Invests $74.65 Million in Precision Drilling Co. (NYSE:PDS)

Ninepoint Partners LP bought a new position in shares of Precision Drilling Co. (NYSE:PDS - Free Report) TSE: PD in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 1,375,000 shares of the oil and gas company's stock, valued at approximately $74,649,000. Precision Drilling accounts for about 8.0% of Ninepoint Partners LP's holdings, making the stock its 4th biggest holding. Ninepoint Partners LP owned 9.59% of Precision Drilling as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of PDS. JPMorgan Chase & Co. raised its holdings in shares of Precision Drilling by 9.0% in the 1st quarter. JPMorgan Chase & Co. now owns 52,619 shares of the oil and gas company's stock valued at $3,890,000 after buying an additional 4,346 shares during the period. BlackRock Inc. grew its position in Precision Drilling by 18.4% in the 1st quarter. BlackRock Inc. now owns 7,081 shares of the oil and gas company's stock valued at $523,000 after acquiring an additional 1,101 shares in the last quarter. Great West Life Assurance Co. Can purchased a new stake in Precision Drilling during the first quarter worth about $27,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new stake in shares of Precision Drilling during the first quarter worth about $3,499,000. Finally, Cibc World Market Inc. boosted its stake in shares of Precision Drilling by 13.5% in the first quarter. Cibc World Market Inc. now owns 7,704 shares of the oil and gas company's stock valued at $569,000 after purchasing an additional 917 shares during the period. Hedge funds and other institutional investors own 48.86% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Piper Sandler lowered their price objective on Precision Drilling from $100.00 to $81.00 and set an "overweight" rating for the company in a research report on Tuesday, February 20th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $115.17.

Precision Drilling Stock Performance

PDS traded down $0.57 on Friday, reaching $66.82. The company had a trading volume of 61,229 shares, compared to its average volume of 83,217. The company has a quick ratio of 1.30, a current ratio of 1.40 and a debt-to-equity ratio of 0.58. Precision Drilling Co. has a 1 year low of $41.56 and a 1 year high of $77.21. The stock has a market capitalization of $967.55 million, a PE ratio of 4.94 and a beta of 2.11. The stock has a 50-day moving average price of $65.54 and a 200-day moving average price of $60.31.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last posted its earnings results on Tuesday, February 6th. The oil and gas company reported $3.45 earnings per share for the quarter, beating the consensus estimate of $2.09 by $1.36. The business had revenue of $372.34 million during the quarter, compared to the consensus estimate of $355.78 million. Precision Drilling had a return on equity of 14.81% and a net margin of 14.87%. As a group, research analysts forecast that Precision Drilling Co. will post 6.82 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.