Precision Drilling Corporation (NYSE:PDS) Short Interest Down 25.2% in August

Key Points

• Short Interest Decline: Precision Drilling Corporation experienced a significant 25.2% decline in short interest in August, with the total short interest dropping to 344,300 shares.
• Hedge Fund Activity: Institutional investors increased their holdings, with notable increases from Sumitomo Mitsui Trust Group Inc. and Russell Investments Group Ltd., bringing institutional ownership to 48.86% of the stock.
• Earnings Report: The company reported earnings of $0.77 per share for the last quarter, exceeding analysts' expectations, despite revenue falling short of estimates at $299.14 million.

Precision Drilling Corporation (NYSE:PDS - Get Free Report) TSE: PD saw a significant decrease in short interest in August. As of August 31st, there was short interest totaling 344,300 shares, a decrease of 25.2% from the August 15th total of 460,500 shares. Approximately 2.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 93,900 shares, the short-interest ratio is presently 3.7 days. Based on an average daily trading volume, of 93,900 shares, the short-interest ratio is presently 3.7 days. Approximately 2.7% of the shares of the stock are sold short.

Institutional Investors Weigh In On Precision Drilling

Several large investors have recently added to or reduced their stakes in PDS. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Precision Drilling by 31.7% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 11,163 shares of the oil and gas company's stock valued at $520,000 after acquiring an additional 2,686 shares during the last quarter. Quotient Wealth Partners LLC acquired a new stake in shares of Precision Drilling in the 1st quarter worth $3,192,000. Intact Investment Management Inc. purchased a new stake in shares of Precision Drilling during the first quarter worth about $2,594,000. Russell Investments Group Ltd. lifted its position in shares of Precision Drilling by 157.6% during the first 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 in the last quarter. Finally, Greatmark Investment Partners Inc. increased its stake in Precision Drilling by 15.9% during the first quarter. Greatmark Investment Partners Inc. now owns 106,189 shares of the oil and gas company's stock valued at $4,951,000 after purchasing an additional 14,588 shares during the last quarter. Institutional investors own 48.86% of the company's stock.

Precision Drilling Trading Down 1.6%

Shares of NYSE:PDS traded down $0.93 during midday trading on Friday, reaching $57.02. The company had a trading volume of 92,348 shares, compared to its average volume of 74,256. The company has a fifty day simple moving average of $54.98 and a two-hundred day simple moving average of $48.62. 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 has a 1-year low of $36.20 and a 1-year high of $67.40. The firm has a market cap of $751.52 million, a price-to-earnings ratio of 12.00 and a beta of 1.15.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last announced its quarterly earnings results on Tuesday, July 29th. The oil and gas company reported $0.77 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.79. The business 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%. Research analysts predict that Precision Drilling will post 7.1 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Royal Bank Of Canada increased their price objective 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. Piper Sandler reaffirmed an "overweight" rating and set a $74.00 target price (up from $72.00) on shares of Precision Drilling in a research note on Thursday, August 14th. Finally, Zacks Research lowered shares of Precision Drilling from a "strong-buy" rating to a "hold" rating in a report on Monday, September 15th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $87.00.

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.