Foundation Resource Management Inc. decreased its position in Precision Drilling Co. (NYSE:PDS – Get Rating) (TSE:PD) by 8.4% during the 1st quarter, Holdings Channel reports. The firm owned 12,390 shares of the oil and gas company’s stock after selling 1,132 shares during the period. Foundation Resource Management Inc.’s holdings in Precision Drilling were worth $916,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of the company. Alpha Paradigm Partners LLC bought a new position in shares of Precision Drilling in the fourth quarter worth approximately $193,000. Bank of Montreal Can grew its holdings in shares of Precision Drilling by 8.1% in the fourth quarter. Bank of Montreal Can now owns 100,934 shares of the oil and gas company’s stock worth $3,570,000 after purchasing an additional 7,599 shares during the last quarter. TD Asset Management Inc. grew its holdings in shares of Precision Drilling by 56.2% in the fourth quarter. TD Asset Management Inc. now owns 148,258 shares of the oil and gas company’s stock worth $5,245,000 after purchasing an additional 53,370 shares during the last quarter. PCJ Investment Counsel Ltd. grew its holdings in shares of Precision Drilling by 39.5% in the fourth quarter. PCJ Investment Counsel Ltd. now owns 274,930 shares of the oil and gas company’s stock worth $9,721,000 after purchasing an additional 77,800 shares during the last quarter. Finally, Verdad Advisers LP bought a new position in shares of Precision Drilling in the fourth quarter worth approximately $37,000. Hedge funds and other institutional investors own 43.04% of the company’s stock.
Several analysts recently weighed in on PDS shares. Raymond James upgraded shares of Precision Drilling from an “outperform” rating to a “strong-buy” rating in a report on Tuesday, May 17th. Stifel Nicolaus lifted their price target on shares of Precision Drilling from C$135.00 to C$142.00 in a report on Friday, April 29th. CIBC lifted their price target on shares of Precision Drilling from C$82.50 to C$115.00 in a report on Thursday, April 14th. Royal Bank of Canada lifted their price target on shares of Precision Drilling from C$135.00 to C$147.00 in a report on Friday, April 29th. Finally, Canaccord Genuity Group lifted their price target on shares of Precision Drilling from C$85.00 to C$105.00 and gave the company a “hold” rating in a report on Friday, April 22nd. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $99.00.
Precision Drilling (NYSE:PDS – Get Rating) (TSE:PD) last posted its quarterly earnings results on Thursday, April 28th. The oil and gas company reported ($2.57) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.80) by ($1.77). The company had revenue of $351.00 million during the quarter, compared to analysts’ expectations of $329.17 million. Precision Drilling had a negative return on equity of 14.98% and a negative net margin of 16.91%. Precision Drilling’s revenue for the quarter was up 48.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($2.13) EPS. Sell-side analysts predict that Precision Drilling Co. will post -2.39 earnings per share for the current fiscal year.
Precision Drilling Profile (Get Rating)
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 in two segments, Contract Drilling Services; and Completion and Production Services.
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