Alberta Investment Management Corp Invests $344,000 in Precision Drilling Corporation (NYSE:PDS)

Alberta Investment Management Corp bought a new stake in Precision Drilling Corporation (NYSE:PDS) (TSE:PD) in the first quarter, HoldingsChannel reports. The fund bought 7,400 shares of the oil and gas company’s stock, valued at approximately $344,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Precision Drilling by 3,575.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 153,800 shares of the oil and gas company’s stock valued at $9,395,000 after acquiring an additional 149,616 shares during the period. Bank of Montreal Can raised its position in Precision Drilling by 28.0% in the 4th quarter. Bank of Montreal Can now owns 602,954 shares of the oil and gas company’s stock valued at $36,832,000 after purchasing an additional 131,843 shares during the last quarter. Millennium Management LLC boosted its stake in Precision Drilling by 235.8% during the 4th quarter. Millennium Management LLC now owns 157,433 shares of the oil and gas company’s stock worth $9,621,000 after purchasing an additional 110,546 shares during the period. Bank of America Corp DE boosted its stake in Precision Drilling by 33.3% during the 4th quarter. Bank of America Corp DE now owns 396,072 shares of the oil and gas company’s stock worth $24,188,000 after purchasing an additional 98,836 shares during the period. Finally, Quotient Wealth Partners LLC purchased a new position in Precision Drilling during the 1st quarter worth $3,192,000. Hedge funds and other institutional investors own 48.86% of the company’s stock.

Precision Drilling Stock Down 1.4%

Shares of NYSE:PDS opened at $53.41 on Tuesday. Precision Drilling Corporation has a fifty-two week low of $36.20 and a fifty-two week high of $75.19. The company has a quick ratio of 0.90, a current ratio of 1.01 and a debt-to-equity ratio of 0.33. The firm’s 50-day simple moving average is $49.61 and its 200-day simple moving average is $48.54. The company has a market cap of $709.83 million, a price-to-earnings ratio of 11.24 and a beta of 1.15.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings data on Tuesday, July 29th. The oil and gas company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.79. Precision Drilling had a return on equity of 6.21% and a net margin of 5.67%. The company had revenue of $299.14 million for the quarter, compared to analyst estimates of $435.47 million. As a group, equities research analysts predict that Precision Drilling Corporation will post 7.1 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on PDS shares. Piper Sandler assumed coverage on shares of Precision Drilling in a report on Tuesday, July 15th. They issued an “overweight” rating and a $72.00 target price for the company. Royal Bank Of Canada upped their price objective on Precision Drilling from $89.00 to $100.00 and gave the company an “outperform” rating in a research note on Thursday, July 31st. Finally, Raymond James Financial downgraded Precision Drilling from a “strong-buy” rating to an “outperform” rating in a research note on Wednesday, April 9th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Precision Drilling presently has a consensus rating of “Moderate Buy” and a consensus price target of $86.00.

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.