Royal Bank of Canada Has $17.08 Million Position in Precision Drilling Corporation (PDS)

Royal Bank of Canada trimmed its position in Precision Drilling Corporation (NYSE:PDS) (TSE:PD) by 16.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,007,523 shares of the oil and gas company’s stock after selling 988,828 shares during the period. Royal Bank of Canada owned approximately 1.71% of Precision Drilling Corporation worth $17,077,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of PDS. Bank of New York Mellon Corp grew its position in Precision Drilling Corporation by 2.4% in the 1st quarter. Bank of New York Mellon Corp now owns 84,060 shares of the oil and gas company’s stock valued at $396,000 after buying an additional 1,938 shares during the last quarter. Parametric Portfolio Associates LLC grew its position in Precision Drilling Corporation by 140.0% in the 1st quarter. Parametric Portfolio Associates LLC now owns 53,083 shares of the oil and gas company’s stock valued at $251,000 after buying an additional 30,964 shares during the last quarter. Quantbot Technologies LP purchased a new position in Precision Drilling Corporation in the 1st quarter valued at $102,000. JPMorgan Chase & Co. grew its position in Precision Drilling Corporation by 395.3% in the 1st quarter. JPMorgan Chase & Co. now owns 219,073 shares of the oil and gas company’s stock valued at $1,034,000 after buying an additional 174,839 shares during the last quarter. Finally, AXA grew its position in Precision Drilling Corporation by 118.2% in the 1st quarter. AXA now owns 108,713 shares of the oil and gas company’s stock valued at $513,000 after buying an additional 58,890 shares during the last quarter. Hedge funds and other institutional investors own 61.43% of the company’s stock.

Shares of Precision Drilling Corporation (NYSE PDS) opened at 2.54 on Friday. The company’s 50-day moving average price is $2.79 and its 200-day moving average price is $3.39. Precision Drilling Corporation has a 52-week low of $2.38 and a 52-week high of $6.25. The stock’s market cap is $744.82 million.

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) last announced its quarterly earnings data on Monday, July 31st. The oil and gas company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.07. The firm had revenue of $275.52 million during the quarter, compared to the consensus estimate of $271.33 million. Precision Drilling Corporation had a negative return on equity of 7.10% and a negative net margin of 12.38%. The business’s revenue for the quarter was up 68.0% on a year-over-year basis. During the same period in the prior year, the business earned ($0.20) EPS. Analysts expect that Precision Drilling Corporation will post ($0.32) earnings per share for the current year.

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A number of equities research analysts have commented on PDS shares. Morgan Stanley downgraded Precision Drilling Corporation from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $9.00 to $4.50 in a report on Wednesday, June 21st. Piper Jaffray Companies downgraded Precision Drilling Corporation from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $5.00 to $3.25 in a report on Thursday, June 29th. UBS AG raised Precision Drilling Corporation from an “outperform” rating to a “strong-buy” rating in a report on Thursday, July 6th. Raymond James Financial, Inc. raised Precision Drilling Corporation from an “outperform” rating to a “strong-buy” rating in a report on Thursday, July 6th. Finally, Cowen and Company reissued a “buy” rating and issued a $5.00 target price on shares of Precision Drilling Corporation in a report on Tuesday, July 11th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. The company has an average rating of “Hold” and an average price target of $5.58.

Precision Drilling Corporation Company Profile

Precision Drilling Corporation (Precision) is an oilfield services company. The Company provides onshore drilling and completion and production services to exploration and production companies in the oil and natural gas industry. The Company operates through two segments: Contract Drilling Services, and Completion and Production Services.

Institutional Ownership by Quarter for Precision Drilling Corporation (NYSE:PDS)

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