Precision Drilling (NYSE:PDS) Trading 3.2% Higher – Here’s What Happened

Precision Drilling Co. (NYSE:PDS) (TSE:PD)’s share price traded up 3.2% on Monday . The stock traded as high as $45.12 and last traded at $46.79. 42,630 shares traded hands during mid-day trading, a decline of 43% from the average session volume of 74,572 shares. The stock had previously closed at $45.36.

Analyst Upgrades and Downgrades

A number of research firms have commented on PDS. TD Securities downgraded Precision Drilling from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. StockNews.com downgraded Precision Drilling from a “buy” rating to a “hold” rating in a research report on Monday, March 24th.

Precision Drilling Stock Performance

The company has a current ratio of 1.48, a quick ratio of 1.35 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $629.24 million, a price-to-earnings ratio of 8.63 and a beta of 2.05. The firm’s fifty day moving average price is $52.51 and its 200 day moving average price is $58.73.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its earnings results on Wednesday, February 12th. The oil and gas company reported $0.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.40 by ($0.64). Precision Drilling had a net margin of 5.87% and a return on equity of 6.72%. Analysts forecast that Precision Drilling Co. will post 7.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Precision Drilling

A number of hedge funds and other institutional investors have recently bought and sold shares of PDS. Aquatic Capital Management LLC purchased a new stake in Precision Drilling during the fourth quarter worth about $71,000. Deutsche Bank AG acquired a new stake in Precision Drilling during the 4th quarter worth approximately $85,000. Signaturefd LLC lifted its holdings in Precision Drilling by 30.1% during the 4th quarter. Signaturefd LLC now owns 2,159 shares of the oil and gas company’s stock worth $132,000 after buying an additional 499 shares in the last quarter. Quantbot Technologies LP boosted its position in Precision Drilling by 1,741.8% in the 4th quarter. Quantbot Technologies LP now owns 2,247 shares of the oil and gas company’s stock valued at $137,000 after buying an additional 2,125 shares during the period. Finally, Blue Trust Inc. grew its stake in shares of Precision Drilling by 64.7% in the fourth quarter. Blue Trust Inc. now owns 3,298 shares of the oil and gas company’s stock worth $203,000 after acquiring an additional 1,295 shares in the last quarter. 48.86% of the stock is currently owned by hedge funds and other institutional investors.

About Precision Drilling

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.