O Shaughnessy Asset Management LLC Boosts Stake in Precision Drilling Co. (NYSE:PDS)

O Shaughnessy Asset Management LLC increased its stake in Precision Drilling Co. (NYSE:PDS) (TSE:PD) by 27.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 29,549 shares of the oil and gas company’s stock after purchasing an additional 6,328 shares during the quarter. O Shaughnessy Asset Management LLC owned approximately 0.20% of Precision Drilling worth $1,989,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Wellington Management Group LLP bought a new stake in Precision Drilling during the 3rd quarter valued at $4,638,000. Ninepoint Partners LP bought a new position in shares of Precision Drilling in the fourth quarter worth $74,649,000. Russell Investments Group Ltd. bought a new position in shares of Precision Drilling in the fourth quarter worth $88,000. Intact Investment Management Inc. increased its holdings in shares of Precision Drilling by 4.8% in the fourth quarter. Intact Investment Management Inc. now owns 85,850 shares of the oil and gas company’s stock worth $4,662,000 after purchasing an additional 3,900 shares during the period. Finally, Greatmark Investment Partners Inc. increased its holdings in shares of Precision Drilling by 25.1% in the fourth quarter. Greatmark Investment Partners Inc. now owns 59,627 shares of the oil and gas company’s stock worth $3,237,000 after purchasing an additional 11,955 shares during the period. Institutional investors own 48.86% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PDS. StockNews.com lowered shares of Precision Drilling from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Piper Sandler cut their target price on shares of Precision Drilling from $101.00 to $95.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $117.50.

Precision Drilling Price Performance

PDS stock opened at $71.24 on Thursday. Precision Drilling Co. has a 1 year low of $49.67 and a 1 year high of $78.13. The company has a market cap of $1.02 billion, a P/E ratio of 6.26 and a beta of 2.03. The firm has a 50-day moving average of $70.13 and a 200 day moving average of $66.56. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.71 and a quick ratio of 1.59.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings results on Thursday, April 25th. The oil and gas company reported $1.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.00 by ($0.12). Precision Drilling had a return on equity of 10.10% and a net margin of 12.00%. The company had revenue of $391.51 million during the quarter, compared to the consensus estimate of $399.44 million. On average, sell-side analysts forecast that Precision Drilling Co. will post 6.03 EPS for the current year.

Precision Drilling Company 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.