Precision Drilling Corporation $PDS Shares Bought by Hillsdale Investment Management Inc.

Hillsdale Investment Management Inc. lifted its holdings in Precision Drilling Corporation (NYSE:PDS) (TSE:PD) by 67.0% in the 1st quarter, Holdings Channel.com reports. The fund owned 487,434 shares of the oil and gas company’s stock after buying an additional 195,598 shares during the quarter. Precision Drilling comprises approximately 1.3% of Hillsdale Investment Management Inc.’s portfolio, making the stock its 12th largest holding. Hillsdale Investment Management Inc.’s holdings in Precision Drilling were worth $47,957,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in PDS. Sumitomo Mitsui Trust Group Inc. boosted its position in Precision Drilling by 2.1% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 6,171 shares of the oil and gas company’s stock worth $607,000 after purchasing an additional 128 shares during the period. State of Wyoming raised its position in Precision Drilling by 4.0% in the fourth quarter. State of Wyoming now owns 4,490 shares of the oil and gas company’s stock valued at $323,000 after purchasing an additional 173 shares during the period. SIR Capital Management L.P. raised its position in Precision Drilling by 0.4% in the fourth quarter. SIR Capital Management L.P. now owns 56,178 shares of the oil and gas company’s stock valued at $4,031,000 after purchasing an additional 200 shares during the period. US Bancorp DE lifted its stake in shares of Precision Drilling by 52.3% during the third quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock worth $67,000 after purchasing an additional 408 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Precision Drilling by 5.3% during the fourth quarter. Geode Capital Management LLC now owns 8,853 shares of the oil and gas company’s stock worth $632,000 after purchasing an additional 445 shares in the last quarter. Hedge funds and other institutional investors own 48.86% of the company’s stock.

Wall Street Analysts Forecast Growth

PDS has been the subject of several analyst reports. Royal Bank Of Canada upped their target price on Precision Drilling from $124.00 to $140.00 and gave the stock an “outperform” rating in a research report on Monday, March 23rd. BMO Capital Markets reissued an “outperform” rating on shares of Precision Drilling in a research report on Thursday, April 30th. Weiss Ratings lowered Precision Drilling from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, June 23rd. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Precision Drilling in a report on Friday, May 1st. Finally, Wall Street Zen downgraded shares of Precision Drilling from a “buy” rating to a “hold” rating in a research report on Sunday, March 22nd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $122.33.

Precision Drilling Price Performance

Shares of PDS stock opened at $83.52 on Tuesday. The firm has a fifty day moving average of $88.47 and a two-hundred day moving average of $86.87. The firm has a market cap of $1.08 billion, a P/E ratio of -88.85 and a beta of 0.76. Precision Drilling Corporation has a 1-year low of $48.59 and a 1-year high of $103.80. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.70 and a quick ratio of 1.52.

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.