Tetrem Capital Management Ltd. reduced its position in Precision Drilling Corporation (NYSE:PDS) (TSE:PD) by 1.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,212,113 shares of the oil and gas company’s stock after selling 62,499 shares during the quarter. Tetrem Capital Management Ltd. owned approximately 1.78% of Precision Drilling Corporation worth $17,793,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of PDS. Franklin Resources Inc. lifted its position in Precision Drilling Corporation by 44.6% in the second quarter. Franklin Resources Inc. now owns 44,803,597 shares of the oil and gas company’s stock worth $153,112,000 after purchasing an additional 13,815,928 shares during the period. Point72 Europe London LLP bought a new position in Precision Drilling Corporation in the first quarter worth $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 bought a new position in Precision Drilling Corporation in the first quarter worth $3,066,000. Finally, 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. 61.43% of the stock is owned by hedge funds and other institutional investors.

Several research analysts recently commented on the company. BidaskClub raised Precision Drilling Corporation from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 13th. Jefferies Group LLC set a $6.00 target price on Precision Drilling Corporation and gave the stock a “buy” rating in a research report on Tuesday, June 6th. Wolfe Research cut Precision Drilling Corporation from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 6th. Piper Jaffray Companies cut Precision Drilling Corporation from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $5.00 to $3.25 in a research report on Thursday, June 29th. Finally, Morgan Stanley cut Precision Drilling Corporation from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $9.00 to $4.50 in a research report on Wednesday, June 21st. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $6.30.

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Shares of Precision Drilling Corporation (NYSE PDS) traded down 1.04% on Tuesday, hitting $2.85. The company’s stock had a trading volume of 1,176,805 shares. The firm’s market cap is $835.73 million. The stock’s 50-day moving average price is $2.75 and its 200-day moving average price is $3.60. Precision Drilling Corporation has a 52 week low of $2.38 and a 52 week high of $6.25.

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

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

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