Sumitomo Mitsui Trust Group Inc. Buys 2,686 Shares of Precision Drilling Corporation (NYSE:PDS)

Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) by 31.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,163 shares of the oil and gas company’s stock after purchasing an additional 2,686 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.08% of Precision Drilling worth $520,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. National Bank of Canada FI grew its holdings in shares of Precision Drilling by 0.5% during the fourth quarter. National Bank of Canada FI now owns 729,626 shares of the oil and gas company’s stock worth $44,673,000 after buying an additional 3,342 shares in the last quarter. Bank of Montreal Can raised its holdings in shares of Precision Drilling by 28.0% in the fourth quarter. Bank of Montreal Can now owns 602,954 shares of the oil and gas company’s stock valued at $36,832,000 after purchasing an additional 131,843 shares during the last quarter. Bank of America Corp DE lifted its position in shares of Precision Drilling by 33.3% in 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 purchasing an additional 98,836 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Precision Drilling by 12.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 265,254 shares of the oil and gas company’s stock worth $16,198,000 after purchasing an additional 29,612 shares during the last quarter. Finally, Millennium Management LLC grew its position in Precision Drilling by 235.8% in the fourth quarter. Millennium Management LLC now owns 157,433 shares of the oil and gas company’s stock valued at $9,621,000 after purchasing an additional 110,546 shares in the last quarter. Institutional investors and hedge funds own 48.86% of the company’s stock.

Precision Drilling Stock Down 0.6%

Shares of PDS opened at $50.54 on Friday. The firm has a market cap of $674.61 million, a P/E ratio of 10.05 and a beta of 1.06. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.82 and a current ratio of 0.91. Precision Drilling Corporation has a 52 week low of $36.20 and a 52 week high of $79.07. The firm’s 50-day simple moving average is $45.68 and its 200 day simple moving average is $50.07.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $1.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.04). The firm had revenue of $345.41 million for the quarter, compared to the consensus estimate of $508.06 million. Precision Drilling had a return on equity of 6.51% and a net margin of 5.84%. On average, analysts forecast that Precision Drilling Corporation will post 7.1 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Raymond James Financial downgraded shares of Precision Drilling from a “strong-buy” rating to an “outperform” rating in a research note on Wednesday, April 9th. Wall Street Zen cut shares of Precision Drilling from a “buy” rating to a “hold” rating in a report on Monday, March 24th.

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.