Precision Drilling Co. (NYSE:PDS) Shares Purchased by Mountain Lake Investment Management LLC

Mountain Lake Investment Management LLC lifted its stake in shares of Precision Drilling Co. (NYSE:PDS) (TSE:PD) by 1.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 310,000 shares of the oil and gas company’s stock after acquiring an additional 5,000 shares during the quarter. Precision Drilling accounts for 3.8% of Mountain Lake Investment Management LLC’s portfolio, making the stock its 13th largest holding. Mountain Lake Investment Management LLC owned 2.33% of Precision Drilling worth $6,699,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of PDS. BlackRock Inc. bought a new position in Precision Drilling during the first quarter valued at about $90,000. Greatmark Investment Partners Inc. bought a new position in shares of Precision Drilling in the first quarter worth about $1,181,000. Toronto Dominion Bank increased its stake in shares of Precision Drilling by 10.6% in the first quarter. Toronto Dominion Bank now owns 7,019 shares of the oil and gas company’s stock worth $152,000 after purchasing an additional 674 shares during the period. TD Asset Management Inc. bought a new position in shares of Precision Drilling in the first quarter worth about $270,000. Finally, Renaissance Technologies LLC bought a new position in shares of Precision Drilling in the fourth quarter worth about $3,236,000. 28.64% of the stock is owned by institutional investors and hedge funds.

PDS traded up $0.75 during midday trading on Thursday, hitting $35.04. The company had a trading volume of 11,227 shares, compared to its average volume of 95,328. The company has a quick ratio of 1.84, a current ratio of 1.99 and a debt-to-equity ratio of 0.87. The stock’s 50 day simple moving average is $36.39. The stock has a market cap of $466.03 million, a P/E ratio of -3.95 and a beta of 3.16. Precision Drilling Co. has a 52 week low of $11.62 and a 52 week high of $44.52.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings results on Wednesday, April 21st. The oil and gas company reported ($2.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.23) by ($0.47). The business had revenue of $236.47 million during the quarter, compared to the consensus estimate of $229.39 million. Precision Drilling had a negative net margin of 18.92% and a negative return on equity of 10.17%. Precision Drilling’s quarterly revenue was down 37.7% compared to the same quarter last year. Sell-side analysts forecast that Precision Drilling Co. will post -8.69 EPS for the current fiscal year.

A number of research firms have recently commented on PDS. Raymond James lowered Precision Drilling from a “strong-buy” rating to an “outperform” rating in a research note on Monday, June 7th. Stifel Nicolaus lifted their price objective on Precision Drilling from C$44.00 to C$53.00 and gave the company a “buy” rating in a report on Friday, June 4th. BMO Capital Markets reissued a “buy” rating and issued a $45.00 target price on shares of Precision Drilling in a report on Friday, April 23rd. National Bank Financial raised shares of Precision Drilling from a “sector perform” rating to an “outperform” rating in a research note on Thursday, April 15th. Finally, TD Securities downgraded shares of Precision Drilling from a “buy” rating to a “hold” rating in a research note on Monday, June 7th. Eight research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Precision Drilling currently has an average rating of “Buy” and an average target price of $36.10.

Precision Drilling Company Profile

Precision Drilling Corporation, an oilfield services company, provides oil and natural gas drilling and related products and services in North America and the Middle East. The company operates in two segments, Contract Drilling Services, and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry.

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

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