Encompass Capital Advisors LLC Sells 205,449 Shares of Precision Drilling Corporation $PDS

Encompass Capital Advisors LLC reduced its position in Precision Drilling Corporation (NYSE:PDS) (TSE:PD) by 36.9% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 351,189 shares of the oil and gas company’s stock after selling 205,449 shares during the period. Precision Drilling makes up approximately 1.0% of Encompass Capital Advisors LLC’s holdings, making the stock its 25th largest holding. Encompass Capital Advisors LLC’s holdings in Precision Drilling were worth $34,504,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Lazard Asset Management LLC lifted its position in shares of Precision Drilling by 540.1% during the 1st quarter. Lazard Asset Management LLC now owns 25,392 shares of the oil and gas company’s stock valued at $2,499,000 after buying an additional 21,425 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Precision Drilling by 24.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 373,936 shares of the oil and gas company’s stock worth $36,803,000 after acquiring an additional 73,084 shares during the last quarter. Group One Trading LLC purchased a new stake in Precision Drilling in the 1st quarter worth about $81,000. Amova Asset Management Americas Inc. raised its stake in Precision Drilling by 2.1% in the 1st quarter. Amova Asset Management Americas Inc. now owns 6,171 shares of the oil and gas company’s stock valued at $606,000 after acquiring an additional 128 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Precision Drilling by 37.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 288,013 shares of the oil and gas company’s stock valued at $28,340,000 after acquiring an additional 77,775 shares during the period. 48.86% of the stock is currently owned by institutional investors.

Precision Drilling Stock Down 5.0%

PDS opened at $80.38 on Tuesday. The firm has a market capitalization of $1.03 billion, a P/E ratio of -85.51 and a beta of 0.76. Precision Drilling Corporation has a one year low of $52.02 and a one year high of $103.80. The company has a fifty day moving average price of $86.54 and a 200-day moving average price of $87.72. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.70 and a quick ratio of 1.52.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. BMO Capital Markets reiterated an “outperform” rating on shares of Precision Drilling in a research report on Thursday, April 30th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Precision Drilling in a research report on Friday, May 1st. Zacks Research cut shares of Precision Drilling from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 1st. TD Securities reaffirmed a “hold” rating on shares of Precision Drilling in a report on Friday, May 1st. Finally, Weiss Ratings downgraded shares of Precision Drilling from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, June 23rd. One equities 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 given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $122.33.

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.