Franklin Resources Inc. Sells 34,841 Shares of Precision Drilling Corporation $PDS

Franklin Resources Inc. lowered its position in shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) by 53.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 29,755 shares of the oil and gas company’s stock after selling 34,841 shares during the quarter. Franklin Resources Inc. owned 0.23% of Precision Drilling worth $1,406,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of PDS. Mackenzie Financial Corp boosted its position in shares of Precision Drilling by 5.8% during the first quarter. Mackenzie Financial Corp now owns 9,752 shares of the oil and gas company’s stock worth $453,000 after purchasing an additional 533 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Precision Drilling by 2.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 31,023 shares of the oil and gas company’s stock worth $1,442,000 after buying an additional 835 shares during the period. National Bank of Canada FI lifted its holdings in Precision Drilling by 1.4% during the first quarter. National Bank of Canada FI now owns 739,842 shares of the oil and gas company’s stock worth $34,093,000 after acquiring an additional 10,216 shares in the last quarter. PCJ Investment Counsel Ltd. grew its stake in Precision Drilling by 2.9% in the first quarter. PCJ Investment Counsel Ltd. now owns 16,830 shares of the oil and gas company’s stock valued at $783,000 after acquiring an additional 470 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in Precision Drilling by 38.6% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 31,600 shares of the oil and gas company’s stock valued at $1,469,000 after acquiring an additional 8,800 shares during the period. 48.86% of the stock is currently owned by institutional investors and hedge funds.

Precision Drilling Price Performance

NYSE PDS opened at $68.19 on Friday. The firm’s 50 day moving average is $58.40 and its 200-day moving average is $54.27. The company has a quick ratio of 1.42, a current ratio of 1.58 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $893.93 million, a PE ratio of 25.35 and a beta of 0.97. Precision Drilling Corporation has a 12-month low of $36.20 and a 12-month high of $69.61.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its earnings results on Wednesday, October 22nd. The oil and gas company reported ($0.37) earnings per share 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 business had revenue of $331.90 million during the quarter, compared to the consensus estimate of $471.38 million. Equities research analysts anticipate that Precision Drilling Corporation will post 7.1 earnings per share for the current fiscal year.

Analyst Ratings Changes

PDS has been the topic of a number of research analyst reports. Piper Sandler raised their price target on Precision Drilling from $74.00 to $79.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. Atb Cap Markets raised Precision Drilling to a “strong-buy” rating in a research note on Thursday, October 30th. TD Securities reaffirmed a “hold” rating on shares of Precision Drilling in a research note on Thursday, October 23rd. Weiss Ratings reissued a “hold (c-)” rating on shares of Precision Drilling in a research report on Friday, October 31st. Finally, Royal Bank Of Canada raised their price objective on shares of Precision Drilling from $110.00 to $117.00 and gave the stock an “outperform” rating in a report on Friday, October 24th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $98.00.

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.