Precision Drilling Co. (NYSE:PDS) Shares Sold by Ninepoint Partners LP

Ninepoint Partners LP cut its position in Precision Drilling Co. (NYSE:PDS) (TSE:PD) by 3.7% during the second quarter, Holdings Channel reports. The firm owned 1,300,000 shares of the oil and gas company’s stock after selling 50,000 shares during the period. Precision Drilling makes up approximately 8.7% of Ninepoint Partners LP’s portfolio, making the stock its 5th largest position. Ninepoint Partners LP owned 0.09% of Precision Drilling worth $91,442,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. The Manufacturers Life Insurance Company increased its holdings in Precision Drilling by 1.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,020 shares of the oil and gas company’s stock worth $844,000 after buying an additional 150 shares during the period. Squarepoint Ops LLC purchased a new position in Precision Drilling during the second quarter valued at approximately $210,000. Dimensional Fund Advisors LP raised its position in Precision Drilling by 16.8% during the second quarter. Dimensional Fund Advisors LP now owns 201,625 shares of the oil and gas company’s stock valued at $14,182,000 after acquiring an additional 28,947 shares in the last quarter. American Century Companies Inc. lifted its holdings in Precision Drilling by 8.0% in the second quarter. American Century Companies Inc. now owns 99,979 shares of the oil and gas company’s stock valued at $7,030,000 after acquiring an additional 7,436 shares during the period. Finally, National Bank of Canada FI boosted its position in Precision Drilling by 0.7% in the 2nd quarter. National Bank of Canada FI now owns 715,966 shares of the oil and gas company’s stock worth $49,928,000 after purchasing an additional 4,919 shares in the last quarter. 48.86% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PDS has been the subject of a number of recent analyst reports. Piper Sandler lifted their price objective on shares of Precision Drilling from $95.00 to $112.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. StockNews.com raised Precision Drilling from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st.

Precision Drilling Trading Up 2.1 %

PDS stock opened at $61.91 on Friday. 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. The stock has a market cap of $885.44 million, a price-to-earnings ratio of 5.44 and a beta of 1.97. The business’s 50-day moving average is $68.64 and its 200 day moving average is $69.36.

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

Precision Drilling Company 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.