Engineers Gate Manager LP Purchases 13,188 Shares of Precision Drilling Corporation $PDS

Engineers Gate Manager LP raised its position in shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) by 70.8% during the 2nd quarter, Holdings Channel.com reports. The firm owned 31,802 shares of the oil and gas company’s stock after purchasing an additional 13,188 shares during the period. Engineers Gate Manager LP’s holdings in Precision Drilling were worth $2,438,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Hillsdale Investment Management Inc. increased its stake in shares of Precision Drilling by 67.0% in the first quarter. Hillsdale Investment Management Inc. now owns 487,434 shares of the oil and gas company’s stock worth $47,957,000 after purchasing an additional 195,598 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Precision Drilling by 24.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 373,936 shares of the oil and gas company’s stock valued at $36,803,000 after buying an additional 73,084 shares in the last quarter. Aegis Financial Corp lifted its stake in shares of Precision Drilling by 11.4% during the 4th quarter. Aegis Financial Corp now owns 504,059 shares of the oil and gas company’s stock valued at $36,221,000 after buying an additional 51,700 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Precision Drilling by 37.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 288,013 shares of the oil and gas company’s stock worth $28,340,000 after buying an additional 77,775 shares during the period. Finally, Bank of America Corp DE boosted its holdings in Precision Drilling by 129.5% in the 1st quarter. Bank of America Corp DE now owns 114,706 shares of the oil and gas company’s stock worth $11,287,000 after buying an additional 64,735 shares during the period. 48.86% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on PDS shares. Weiss Ratings cut Precision Drilling from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, June 23rd. Zacks Research lowered Precision Drilling from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 1st. Finally, Wall Street Zen cut Precision Drilling from a “buy” rating to a “hold” rating in a research report on Sunday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Precision Drilling currently has a consensus rating of “Moderate Buy” and an average target price of $122.33.

Precision Drilling Price Performance

PDS stock opened at $86.45 on Tuesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.29 and a current ratio of 1.46. The company’s fifty day moving average price is $84.46 and its 200-day moving average price is $88.86. Precision Drilling Corporation has a one year low of $53.42 and a one year high of $103.80. The company has a market capitalization of $1.09 billion, a PE ratio of -41.37 and a beta of 0.81.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its earnings results on Tuesday, July 28th. The oil and gas company reported ($0.38) earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.81). The company had revenue of $319.15 million for the quarter, compared to analysts’ expectations of $310.70 million. Precision Drilling had a negative net margin of 1.68% and a positive return on equity of 2.11%. On average, equities analysts anticipate that Precision Drilling Corporation will post 4.62 EPS for the current fiscal year.

Precision Drilling Profile

Precision Drilling Corporation is a Canadian oilfield services company that provides contract drilling and well-servicing solutions to oil and natural gas exploration and production companies. The company is headquartered in Calgary, Alberta, and trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbol PDS.

Its primary business is contract drilling, including the provision of land-based drilling rigs, crews and related equipment used to construct oil and gas wells.