Vident Advisory LLC Boosts Stake in Precision Drilling Corporation $PDS

Vident Advisory LLC increased its stake in shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) by 8.2% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 6,766 shares of the oil and gas company’s stock after purchasing an additional 512 shares during the period. Vident Advisory LLC owned approximately 0.05% of Precision Drilling worth $315,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in PDS. Deutsche Bank AG purchased a new position in shares of Precision Drilling during the 4th quarter worth approximately $85,000. Aristides Capital LLC acquired a new stake in Precision Drilling during the 1st quarter worth approximately $252,000. Alberta Investment Management Corp acquired a new stake in Precision Drilling during the 1st quarter worth approximately $344,000. Graham Capital Management L.P. acquired a new stake in Precision Drilling during the 4th quarter worth approximately $346,000. Finally, Northwest & Ethical Investments L.P. lifted its holdings in Precision Drilling by 157.7% during the 1st quarter. Northwest & Ethical Investments L.P. now owns 8,303 shares of the oil and gas company’s stock worth $386,000 after buying an additional 5,081 shares in the last quarter. Hedge funds and other institutional investors own 48.86% of the company’s stock.

Precision Drilling Price Performance

Shares of NYSE PDS opened at $56.13 on Tuesday. 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 Corporation has a fifty-two week low of $36.20 and a fifty-two week high of $67.46. The firm has a market capitalization of $741.97 million, a PE ratio of 11.82 and a beta of 1.15. The stock’s 50-day simple moving average is $53.72 and its 200-day simple moving average is $48.07.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its earnings results on Tuesday, July 29th. The oil and gas company reported $0.77 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.79. Precision Drilling had a return on equity of 6.21% and a net margin of 5.67%.The business had revenue of $299.14 million for the quarter, compared to analyst estimates of $435.47 million. As a group, equities research analysts forecast that Precision Drilling Corporation will post 7.1 EPS for the current fiscal year.

Analysts Set New Price Targets

PDS has been the topic of a number of research reports. Royal Bank Of Canada increased their target price on shares of Precision Drilling from $89.00 to $100.00 and gave the stock an “outperform” rating in a report on Thursday, July 31st. Zacks Research upgraded shares of Precision Drilling from a “hold” rating to a “strong-buy” rating in a report on Friday, August 15th. Finally, Piper Sandler reiterated an “overweight” rating and set a $74.00 target price (up from $72.00) on shares of Precision Drilling in a report on Thursday, August 14th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Precision Drilling presently has an average rating of “Buy” and an average price target of $87.00.

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.