Equinox Partners Investment Management LLC Takes Position in Precision Drilling Corporation $PDS

Equinox Partners Investment Management LLC purchased a new stake in shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 30,111 shares of the oil and gas company’s stock, valued at approximately $2,161,000. Precision Drilling accounts for about 1.1% of Equinox Partners Investment Management LLC’s portfolio, making the stock its 11th biggest holding.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wolverine Asset Management LLC boosted its stake in shares of Precision Drilling by 112.9% in the 4th quarter. Wolverine Asset Management LLC now owns 802 shares of the oil and gas company’s stock valued at $58,000 after purchasing an additional 7,000 shares during the last quarter. Quarry LP bought a new position in Precision Drilling in the third quarter valued at approximately $54,000. Cubist Systematic Strategies LLC bought a new stake in shares of Precision Drilling during the 1st quarter valued at $45,000. US Bancorp DE grew 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 during the period. Finally, Raymond James Financial Inc. acquired a new position in Precision Drilling in the second quarter valued at about $57,000. 48.86% of the stock is currently owned by institutional investors and hedge funds.

Precision Drilling Stock Performance

NYSE PDS opened at $85.89 on Thursday. The company has a current ratio of 1.70, a quick ratio of 1.52 and a debt-to-equity ratio of 0.41. The firm’s fifty day moving average price is $92.96 and its two-hundred day moving average price is $85.38. The firm has a market capitalization of $1.11 billion, a P/E ratio of -91.37 and a beta of 0.76. Precision Drilling Corporation has a 1 year low of $45.97 and a 1 year high of $103.80.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PDS shares. Loop Capital set a $122.00 price target on shares of Precision Drilling in a research report on Monday, March 2nd. TD Securities reiterated a “hold” rating on shares of Precision Drilling in a report on Friday, May 1st. Weiss Ratings raised shares of Precision Drilling from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, June 5th. Royal Bank Of Canada upped their price objective on shares of Precision Drilling from $124.00 to $140.00 and gave the company an “outperform” rating in a research report on Monday, March 23rd. Finally, Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Precision Drilling in a report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $122.33.

Precision Drilling Company Profile

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.