Sumitomo Mitsui Trust Group Inc. Sells 5,120 Shares of Precision Drilling Corporation $PDS

Sumitomo Mitsui Trust Group Inc. lowered its stake in shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) by 45.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,043 shares of the oil and gas company’s stock after selling 5,120 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Precision Drilling were worth $285,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of PDS. Nuveen LLC bought a new position in Precision Drilling in the 1st quarter valued at $22,637,000. Acadian Asset Management LLC purchased a new stake in Precision Drilling during the 1st quarter worth about $6,813,000. Polar Asset Management Partners Inc. lifted its holdings in Precision Drilling by 200.0% during the 1st quarter. Polar Asset Management Partners Inc. now owns 108,000 shares of the oil and gas company’s stock worth $5,026,000 after purchasing an additional 72,000 shares in the last quarter. Aegis Financial Corp raised its holdings in shares of Precision Drilling by 58.1% in the 1st quarter. Aegis Financial Corp now owns 195,505 shares of the oil and gas company’s stock valued at $9,089,000 after acquiring an additional 71,867 shares in the last quarter. Finally, Quotient Wealth Partners LLC purchased a new stake in shares of Precision Drilling in the 1st quarter valued at about $3,192,000. Institutional investors own 48.86% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on PDS shares. Wall Street Zen lowered Precision Drilling from a “buy” rating to a “hold” rating in a research report on Sunday, October 26th. Weiss Ratings restated a “hold (c-)” rating on shares of Precision Drilling in a report on Friday. Royal Bank Of Canada raised their price objective on Precision Drilling from $110.00 to $117.00 and gave the company an “outperform” rating in a research report on Friday, October 24th. TD Securities reaffirmed a “hold” rating on shares of Precision Drilling in a research report on Thursday, October 23rd. Finally, Zacks Research downgraded shares of Precision Drilling from a “hold” rating to a “strong sell” rating in a research report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Precision Drilling currently has an average rating of “Moderate Buy” and an average target price of $98.00.

Precision Drilling Stock Up 2.1%

PDS stock opened at $59.99 on Friday. The company has a market cap of $790.30 million, a price-to-earnings ratio of 22.30 and a beta of 1.11. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.42 and a current ratio of 1.58. The business’s 50-day moving average is $57.15 and its two-hundred day moving average is $51.34. Precision Drilling Corporation has a fifty-two week low of $36.20 and a fifty-two week high of $67.35.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings results on Wednesday, October 22nd. The oil and gas company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.20 by ($1.57). Precision Drilling had a net margin of 3.17% and a return on equity of 3.44%. The firm had revenue of $331.90 million for the quarter, compared to the consensus estimate of $471.38 million. As a group, analysts forecast that Precision Drilling Corporation will post 7.1 earnings per share for the current year.

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.