Precision Drilling Corp. (PDS) Short Interest Down 8.4% in September
Precision Drilling Corp. (NYSE:PDS) was the recipient of a significant drop in short interest in the month of September. As of September 15th, there was short interest totalling 25,034,238 shares, a drop of 8.4% from the August 31st total of 27,321,954 shares. Currently, 8.6% of the shares of the company are sold short. Based on an average daily volume of 2,742,400 shares, the short-interest ratio is presently 9.1 days.
Shares of Precision Drilling Corp. (NYSE:PDS) opened at 4.18 on Monday. Precision Drilling Corp. has a 52 week low of $2.43 and a 52 week high of $6.08. The stock’s 50 day moving average is $4.11 and its 200 day moving average is $4.54. The stock’s market capitalization is $1.23 billion.
Precision Drilling Corp. (NYSE:PDS) last posted its quarterly earnings data on Thursday, July 21st. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.04. The business earned $164 million during the quarter, compared to analysts’ expectations of $172.98 million. Precision Drilling Corp. had a negative net margin of 37.17% and a negative return on equity of 5.54%. The business’s revenue was down 51.0% on a year-over-year basis. During the same period last year, the firm posted ($0.10) earnings per share. Analysts anticipate that Precision Drilling Corp. will post ($0.48) EPS for the current fiscal year.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mackenzie Financial Corp bought a new position in Precision Drilling Corp. during the second quarter valued at about $87,718,000. 1832 Asset Management L.P. boosted its position in Precision Drilling Corp. by 104.1% in the second quarter. 1832 Asset Management L.P. now owns 9,569,742 shares of the company’s stock valued at $50,734,000 after buying an additional 4,881,200 shares during the period. Norges Bank bought a new position in Precision Drilling Corp. during the fourth quarter valued at about $12,324,000. JPMorgan Chase & Co. bought a new position in Precision Drilling Corp. during the second quarter valued at about $4,695,000. Finally, Acadian Asset Management LLC bought a new position in Precision Drilling Corp. during the second quarter valued at about $4,017,000. Institutional investors and hedge funds own 72.90% of the company’s stock.
A number of equities research analysts recently commented on PDS shares. DA Davidson assumed coverage on shares of Precision Drilling Corp. in a research report on Thursday, September 15th. They issued a “buy” rating for the company. Jefferies Group reiterated a “sell” rating and set a $4.00 price target on shares of Precision Drilling Corp. in a research report on Tuesday, July 26th. Zacks Investment Research upgraded shares of Precision Drilling Corp. from a “hold” rating to a “buy” rating and set a $5.50 price target for the company in a research report on Friday, July 15th. TD Securities reiterated a “buy” rating and set a $8.50 price target (down from $9.50) on shares of Precision Drilling Corp. in a research report on Tuesday, July 26th. Finally, Scotiabank reiterated an “underperform” rating and set a $6.00 price target (up from $3.50) on shares of Precision Drilling Corp. in a research report on Tuesday, July 19th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the stock. Precision Drilling Corp. presently has an average rating of “Hold” and an average target price of $5.47.
About Precision Drilling Corp.
Precision Drilling Corporation (Precision) provides contract drilling, and completion and production services primarily to oil and natural gas exploration and production companies in Canada, the United States and certain international locations. It operates through two segments: Contract Drilling Services, and Completion and Production Services.
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