Spark Investment Management LLC Cuts Position in Precision Drilling Corporation $PDS

Spark Investment Management LLC lowered its holdings in shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) by 41.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,000 shares of the oil and gas company’s stock after selling 10,000 shares during the quarter. Precision Drilling makes up 2.1% of Spark Investment Management LLC’s holdings, making the stock its 14th largest position. Spark Investment Management LLC owned about 0.11% of Precision Drilling worth $1,074,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of PDS. Cubist Systematic Strategies LLC purchased a new stake in shares of Precision Drilling in the first quarter valued at approximately $45,000. Quarry LP purchased a new position in shares of Precision Drilling during the 3rd quarter valued at approximately $54,000. Raymond James Financial Inc. purchased a new position in shares of Precision Drilling during the 2nd quarter valued at approximately $57,000. US Bancorp DE grew its stake in Precision Drilling by 52.3% in the 3rd quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock valued at $67,000 after acquiring an additional 408 shares during the period. Finally, Group One Trading LLC acquired a new stake in Precision Drilling in the 1st quarter valued at $81,000. 48.86% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on PDS shares. Zacks Research cut shares of Precision Drilling from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 1st. Wall Street Zen lowered shares of Precision Drilling from a “buy” rating to a “hold” rating in a research report on Sunday, August 9th. Finally, Weiss Ratings downgraded shares of Precision Drilling from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, June 23rd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Precision Drilling currently has a consensus rating of “Moderate Buy” and a consensus price target of $122.33.

Precision Drilling Price Performance

NYSE PDS traded up $0.76 during mid-day trading on Tuesday, hitting $90.68. The stock had a trading volume of 56,730 shares, compared to its average volume of 119,232. The firm’s 50 day moving average is $83.11 and its 200 day moving average is $88.83. Precision Drilling Corporation has a twelve month low of $53.42 and a twelve month high of $103.80. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.46 and a quick ratio of 1.29. The stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of -43.39 and a beta of 0.81.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its earnings results on Tuesday, July 28th. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.81). Precision Drilling had a positive return on equity of 2.11% and a negative net margin of 1.68%.The business had revenue of $319.15 million for the quarter, compared to analyst estimates of $310.70 million. Equities research analysts forecast that Precision Drilling Corporation will post 4.62 earnings per share for the current fiscal year.

Precision Drilling Company 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.