Picton Mahoney Asset Management Purchases 122,974 Shares of Precision Drilling Corporation $PDS

Picton Mahoney Asset Management lifted its holdings in Precision Drilling Corporation (NYSE:PDS) (TSE:PD) by 100.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 245,981 shares of the oil and gas company’s stock after purchasing an additional 122,974 shares during the period. Picton Mahoney Asset Management owned 1.87% of Precision Drilling worth $13,851,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership increased its position in Precision Drilling by 275.5% in 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 buying an additional 284,384 shares during the period. Aegis Financial Corp increased its position in Precision Drilling by 110.0% during the third 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. Goldman Sachs Group Inc. raised its stake in Precision Drilling by 28.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 138,896 shares of the oil and gas company’s stock valued at $6,475,000 after purchasing an additional 30,690 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Precision Drilling by 180.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 37,579 shares of the oil and gas company’s stock valued at $2,118,000 after purchasing an additional 24,203 shares during the last quarter. Finally, Orion Resource Partners LP bought a new stake in Precision Drilling in the 2nd quarter valued at $642,000. Institutional investors own 48.86% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on PDS shares. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Precision Drilling in a research report on Wednesday, January 28th. Zacks Research raised Precision Drilling from a “strong sell” rating to a “hold” rating in a report on Friday, January 30th. BMO Capital Markets reiterated an “outperform” rating on shares of Precision Drilling in a research report on Thursday, February 12th. Loop Capital set a $122.00 price objective on Precision Drilling in a research report on Monday. Finally, Wall Street Zen cut Precision Drilling from a “buy” rating to a “hold” rating in a research report on Sunday, February 22nd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $117.00.

Precision Drilling Trading Up 0.7%

PDS stock opened at $87.96 on Thursday. Precision Drilling Corporation has a 1-year low of $36.20 and a 1-year high of $92.40. The company has a current ratio of 1.62, a quick ratio of 1.46 and a debt-to-equity ratio of 0.43. The business’s 50 day moving average is $79.82 and its 200-day moving average is $66.57. The firm has a market cap of $1.14 billion, a P/E ratio of -225.53 and a beta of 1.01.

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

About Precision Drilling

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.