Encompass Capital Advisors LLC Sells 29,917 Shares of Precision Drilling Co. (NYSE:PDS)

Encompass Capital Advisors LLC decreased its stake in Precision Drilling Co. (NYSE:PDS) (TSE:PD) by 4.4% in the 2nd quarter, Holdings Channel.com reports. The firm owned 644,713 shares of the oil and gas company’s stock after selling 29,917 shares during the quarter. Precision Drilling makes up about 2.4% of Encompass Capital Advisors LLC’s investment portfolio, making the stock its 14th biggest position. Encompass Capital Advisors LLC’s holdings in Precision Drilling were worth $45,314,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. National Bank of Canada FI increased its holdings in shares of Precision Drilling by 0.7% during the second quarter. National Bank of Canada FI now owns 715,966 shares of the oil and gas company’s stock worth $49,928,000 after buying an additional 4,919 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Precision Drilling by 16.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 201,625 shares of the oil and gas company’s stock worth $14,182,000 after purchasing an additional 28,947 shares in the last quarter. American Century Companies Inc. increased its holdings in Precision Drilling by 8.0% in the 2nd quarter. American Century Companies Inc. now owns 99,979 shares of the oil and gas company’s stock worth $7,030,000 after purchasing an additional 7,436 shares in the last quarter. Aegis Financial Corp acquired a new stake in shares of Precision Drilling during the first quarter valued at about $6,124,000. Finally, Wellington Management Group LLP grew its holdings in shares of Precision Drilling by 25.0% during the fourth quarter. Wellington Management Group LLP now owns 86,114 shares of the oil and gas company’s stock worth $4,700,000 after purchasing an additional 17,214 shares during the last quarter. Institutional investors and hedge funds own 48.86% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PDS shares. StockNews.com upgraded shares of Precision Drilling from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. Piper Sandler raised their price target on shares of Precision Drilling from $95.00 to $112.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd.

Precision Drilling Trading Down 4.7 %

NYSE PDS opened at $62.63 on Thursday. The firm has a market capitalization of $887.47 million, a PE ratio of 5.50 and a beta of 1.97. The business’s 50-day moving average price is $69.10 and its two-hundred day moving average price is $69.43. The company has a current ratio of 1.51, a quick ratio of 1.39 and a debt-to-equity ratio of 0.52. Precision Drilling Co. has a 12 month low of $49.67 and a 12 month high of $79.07.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its earnings results on Tuesday, July 30th. The oil and gas company reported $1.44 EPS for the quarter, beating the consensus estimate of ($0.62) by $2.06. Precision Drilling had a return on equity of 9.26% and a net margin of 11.68%. The business had revenue of $429.20 million for the quarter, compared to analysts’ expectations of $310.13 million. During the same period in the prior year, the business posted $1.21 earnings per share. The firm’s revenue was up .8% on a year-over-year basis. On average, analysts expect that Precision Drilling Co. will post 7.01 EPS for the current year.

Precision Drilling Profile

Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates through Contract Drilling Services and Completion and Production Services segments.