Precision Drilling Corporation (PDS) Shares Sold by Morgan Stanley
Morgan Stanley decreased its stake in Precision Drilling Corporation (NYSE:PDS) (TSE:PD) by 50.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 578,244 shares of the oil and gas company’s stock after selling 584,303 shares during the period. Morgan Stanley owned about 0.20% of Precision Drilling Corporation worth $2,729,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in the company. Quantbot Technologies LP purchased a new stake in shares of Precision Drilling Corporation during the first quarter valued at approximately $102,000. Cipher Capital LP bought a new stake in Precision Drilling Corporation during the first quarter worth about $120,000. Princeton Alpha Management LP raised its stake in Precision Drilling Corporation by 18.3% in the first quarter. Princeton Alpha Management LP now owns 37,809 shares of the oil and gas company’s stock worth $178,000 after buying an additional 5,861 shares during the last quarter. RidgeWorth Capital Management LLC bought a new stake in Precision Drilling Corporation during the first quarter worth about $219,000. Finally, AQR Capital Management LLC bought a new stake in Precision Drilling Corporation during the fourth quarter worth about $223,000. 63.21% of the stock is currently owned by institutional investors and hedge funds.
Precision Drilling Corporation (NYSE:PDS) traded up 2.124% during mid-day trading on Wednesday, hitting $2.645. The stock had a trading volume of 866,829 shares. The firm’s 50-day moving average is $2.98 and its 200 day moving average is $3.97. Precision Drilling Corporation has a one year low of $2.55 and a one year high of $6.25. The stock’s market cap is $775.61 million.
Precision Drilling Corporation (NYSE:PDS) (TSE:PD) last posted its quarterly earnings data on Monday, July 31st. The oil and gas company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.07. Precision Drilling Corporation had a negative net margin of 12.38% and a negative return on equity of 7.10%. The firm had revenue of $275.52 million during the quarter, compared to analyst estimates of $271.33 million. During the same quarter last year, the business posted ($0.20) EPS. The company’s revenue was up 68.0% on a year-over-year basis. Equities research analysts expect that Precision Drilling Corporation will post ($0.31) EPS for the current year.
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A number of research firms recently issued reports on PDS. Raymond James Financial, Inc. raised Precision Drilling Corporation from a “market perform” rating to an “outperform” rating in a research note on Wednesday, April 26th. Citigroup Inc. reaffirmed an “outperform” rating on shares of Precision Drilling Corporation in a research note on Wednesday, April 26th. Deutsche Bank AG upped their target price on Precision Drilling Corporation from $8.00 to $10.00 and gave the company a “buy” rating in a research note on Tuesday, April 25th. Jefferies Group LLC reduced their target price on Precision Drilling Corporation from $6.50 to $6.00 and set a “buy” rating on the stock in a research note on Wednesday, May 3rd. Finally, BidaskClub raised Precision Drilling Corporation from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 13th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. Precision Drilling Corporation currently has a consensus rating of “Buy” and a consensus target price of $6.21.
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.
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