MQS Management LLC Makes New Investment in Precision Drilling Corporation $PDS

MQS Management LLC purchased a new stake in shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,026 shares of the oil and gas company’s stock, valued at approximately $691,000. MQS Management LLC owned about 0.05% of Precision Drilling at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of PDS. Cubist Systematic Strategies LLC acquired a new position in Precision Drilling during the 1st quarter worth $45,000. Goldman Sachs Group Inc. increased its stake in shares of Precision Drilling by 28.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 138,896 shares of the oil and gas company’s stock valued at $6,475,000 after buying an additional 30,690 shares during the period. Geode Capital Management LLC raised its position in shares of Precision Drilling by 20.3% during the second quarter. Geode Capital Management LLC now owns 65,512 shares of the oil and gas company’s stock worth $3,095,000 after acquiring an additional 11,056 shares during the last quarter. Creative Planning bought a new stake in shares of Precision Drilling during the second quarter worth $378,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Precision Drilling during the second quarter valued at $57,000. Institutional investors and hedge funds own 48.86% of the company’s stock.

Precision Drilling Stock Performance

Shares of PDS stock opened at $76.75 on Wednesday. The stock has a market cap of $991.64 million, a PE ratio of -81.65 and a beta of 0.76. The stock has a 50-day moving average of $91.07 and a 200-day moving average of $86.25. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.70 and a quick ratio of 1.52. Precision Drilling Corporation has a one year low of $46.44 and a one year high of $103.80.

Analyst Ratings Changes

PDS has been the topic of several recent research reports. BMO Capital Markets reiterated an “outperform” rating on shares of Precision Drilling in a report on Thursday, April 30th. Royal Bank Of Canada boosted their price objective on Precision Drilling from $124.00 to $140.00 and gave the stock an “outperform” rating in a report on Monday, March 23rd. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Precision Drilling in a research note on Friday, May 1st. Wall Street Zen cut shares of Precision Drilling from a “buy” rating to a “hold” rating in a research report on Sunday, March 22nd. Finally, TD Securities reiterated a “hold” rating on shares of Precision Drilling in a research report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Precision Drilling presently has a consensus rating of “Moderate Buy” and an average target price of $122.33.

About Precision Drilling

Precision Drilling Corporation (NYSE: PDS) is a Calgary, Alberta–based oilfield services company that has provided drilling solutions since its founding in 1951. With more than seven decades of industry experience, the company delivers contract drilling services, directional and horizontal drilling, well servicing, and a suite of specialized equipment designed to meet the evolving needs of exploration and production companies worldwide.

The company’s core business activities include operating a fleet of onshore drilling rigs, offering managed pressure drilling, measurement-while-drilling (MWD) and logging-while-drilling (LWD) services, and providing completion and workover rigs.