Bank of New York Mellon Corp raised its position in shares of Precision Drilling Corp (NYSE:PDS) (TSE:PD) by 11.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 260,207 shares of the oil and gas company’s stock after purchasing an additional 26,758 shares during the period. Bank of New York Mellon Corp owned about 0.09% of Precision Drilling worth $811,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of PDS. Pacad Investment Ltd. raised its position in Precision Drilling by 81.2% during the 2nd quarter. Pacad Investment Ltd. now owns 32,800 shares of the oil and gas company’s stock valued at $112,000 after purchasing an additional 14,700 shares in the last quarter. DORCHESTER WEALTH MANAGEMENT Co bought a new stake in Precision Drilling during the 3rd quarter valued at $126,000. Tower Research Capital LLC TRC raised its position in Precision Drilling by 200.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 29,724 shares of the oil and gas company’s stock valued at $132,000 after purchasing an additional 19,819 shares in the last quarter. Verition Fund Management LLC bought a new stake in Precision Drilling during the 2nd quarter valued at $158,000. Finally, Virtu KCG Holdings LLC raised its position in Precision Drilling by 49.9% during the 2nd quarter. Virtu KCG Holdings LLC now owns 115,581 shares of the oil and gas company’s stock valued at $394,000 after purchasing an additional 38,460 shares in the last quarter. 49.23% of the stock is owned by institutional investors and hedge funds.
PDS has been the subject of a number of research analyst reports. ValuEngine raised Precision Drilling from a “strong sell” rating to a “sell” rating in a research report on Monday, October 2nd. Zacks Investment Research lowered Precision Drilling from a “buy” rating to a “hold” rating in a research report on Friday, January 5th. Deutsche Bank initiated coverage on Precision Drilling in a research report on Tuesday, October 10th. They set a “hold” rating and a $4.00 target price for the company. Scotiabank lowered Precision Drilling from a “sector perform” rating to an “underperform” rating in a research report on Tuesday, November 7th. Finally, Piper Jaffray Companies set a $4.00 price target on Precision Drilling and gave the company a “buy” rating in a report on Sunday, October 29th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $4.73.
Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings results on Friday, October 27th. The oil and gas company reported ($0.07) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.09) by $0.02. Precision Drilling had a negative return on equity of 5.93% and a negative net margin of 9.45%. The business had revenue of $314.50 million for the quarter, compared to the consensus estimate of $320.36 million. During the same period last year, the business posted ($0.16) EPS. The business’s revenue was up 47.2% compared to the same quarter last year. sell-side analysts anticipate that Precision Drilling Corp will post -0.31 earnings per share for the current fiscal year.
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About Precision Drilling
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.
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