JPMorgan Chase & Co. Has $2.12 Million Position in Precision Drilling Corporation $PDS

JPMorgan Chase & Co. grew its holdings in shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) by 180.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 37,579 shares of the oil and gas company’s stock after acquiring an additional 24,203 shares during the period. JPMorgan Chase & Co. owned 0.29% of Precision Drilling worth $2,118,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership grew its holdings in Precision Drilling by 275.5% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 387,598 shares of the oil and gas company’s stock worth $18,338,000 after acquiring an additional 284,384 shares during the period. Aegis Financial Corp grew its holdings in Precision Drilling by 110.0% during the 3rd quarter. Aegis Financial Corp now owns 452,359 shares of the oil and gas company’s stock worth $25,486,000 after acquiring an additional 236,963 shares during the period. Picton Mahoney Asset Management grew its holdings in Precision Drilling by 100.0% during the 3rd quarter. Picton Mahoney Asset Management now owns 245,981 shares of the oil and gas company’s stock worth $13,851,000 after acquiring an additional 122,974 shares during the period. Beirne Wealth Consulting Services LLC acquired a new stake in Precision Drilling during the 3rd quarter worth about $325,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Precision Drilling during the 3rd quarter worth about $583,000. 48.86% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on the company. TD Securities reiterated a “hold” rating on shares of Precision Drilling in a report on Thursday, February 12th. Wall Street Zen downgraded Precision Drilling from a “buy” rating to a “hold” rating in a research note on Sunday, March 22nd. Loop Capital set a $122.00 target price on Precision Drilling in a research note on Monday, March 2nd. BMO Capital Markets restated an “outperform” rating on shares of Precision Drilling in a research note on Thursday, February 12th. Finally, Zacks Research upgraded Precision Drilling from a “strong sell” rating to a “hold” rating in a research note on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $122.33.

Precision Drilling Stock Performance

Shares of PDS opened at $94.80 on Tuesday. The company has a market cap of $1.23 billion, a PE ratio of -243.07 and a beta of 0.96. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.62 and a quick ratio of 1.46. Precision Drilling Corporation has a one year low of $36.20 and a one year high of $103.80. The stock has a 50-day moving average of $90.19 and a 200-day moving average of $72.92.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings results on Wednesday, February 11th. The oil and gas company reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.26. The business had revenue of $349.37 million during the quarter, compared to the consensus estimate of $489.80 million. Precision Drilling had a return on equity of 4.12% and a net margin of 0.05%. On average, equities research analysts predict that Precision Drilling Corporation will post 7.1 EPS for the current fiscal year.

Precision Drilling Profile

Precision Drilling Corporation (NYSE: PDS) is a Calgary, Alberta–based oilfield services company that has provided drilling solutions since its founding in 1951. With more than seven decades of industry experience, the company delivers contract drilling services, directional and horizontal drilling, well servicing, and a suite of specialized equipment designed to meet the evolving needs of exploration and production companies worldwide.

The company’s core business activities include operating a fleet of onshore drilling rigs, offering managed pressure drilling, measurement-while-drilling (MWD) and logging-while-drilling (LWD) services, and providing completion and workover rigs.