Pacad Investment Ltd. lifted its holdings in shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) by 81.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,800 shares of the oil and gas company’s stock after buying an additional 14,700 shares during the period. Pacad Investment Ltd.’s holdings in Precision Drilling Corporation were worth $112,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of PDS. Point72 Europe London LLP acquired a new position in shares of Precision Drilling Corporation during the first quarter worth approximately $7,078,000. Systematic Financial Management LP lifted its position in Precision Drilling Corporation by 7.7% in the first quarter. Systematic Financial Management LP now owns 15,391,797 shares of the oil and gas company’s stock worth $72,649,000 after purchasing an additional 1,099,574 shares during the period. Highbridge Capital Management LLC acquired a new stake in Precision Drilling Corporation in the first quarter worth approximately $3,066,000. Renaissance Technologies LLC lifted its position in Precision Drilling Corporation by 162.4% in the first quarter. Renaissance Technologies LLC now owns 1,024,852 shares of the oil and gas company’s stock worth $4,840,000 after purchasing an additional 634,221 shares during the period. Finally, Wellington Management Group LLP lifted its position in Precision Drilling Corporation by 21.9% in the first quarter. Wellington Management Group LLP now owns 3,221,710 shares of the oil and gas company’s stock worth $15,194,000 after purchasing an additional 578,133 shares during the period. Institutional investors and hedge funds own 61.43% of the company’s stock.

Shares of Precision Drilling Corporation (NYSE PDS) opened at 2.87 on Monday. The firm’s market capitalization is $841.59 million. Precision Drilling Corporation has a 52 week low of $2.38 and a 52 week high of $6.25. The firm’s 50-day moving average is $2.76 and its 200 day moving average is $3.63.

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) last announced its quarterly earnings results on Monday, July 31st. The oil and gas company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.07. The company had revenue of $275.52 million for the quarter, compared to analysts’ expectations of $271.33 million. Precision Drilling Corporation had a negative net margin of 12.38% and a negative return on equity of 7.10%. The business’s quarterly revenue was up 68.0% compared to the same quarter last year. During the same period last year, the firm posted ($0.20) earnings per share. Equities research analysts forecast that Precision Drilling Corporation will post ($0.33) EPS for the current fiscal year.

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A number of equities research analysts have weighed in on PDS shares. Jefferies Group LLC restated a “buy” rating and issued a $4.50 target price (down from $6.00) on shares of Precision Drilling Corporation in a research report on Wednesday, August 2nd. TD Securities started coverage on Precision Drilling Corporation in a research report on Monday, September 11th. They issued a “buy” rating for the company. Zacks Investment Research downgraded Precision Drilling Corporation from a “hold” rating to a “sell” rating in a research report on Friday, July 21st. BidaskClub downgraded Precision Drilling Corporation from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 19th. Finally, Piper Jaffray Companies restated a “hold” rating and issued a $3.25 target price on shares of Precision Drilling Corporation in a research report on Thursday, August 3rd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $6.21.

About Precision Drilling Corporation

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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Institutional Ownership by Quarter for Precision Drilling Corporation (NYSE:PDS)

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