Point72 Asset Management L.P. Increases Position in Precision Drilling Co. (NYSE:PDS)

Point72 Asset Management L.P. boosted its holdings in shares of Precision Drilling Co. (NYSE:PDS) (TSE:PD) by 31.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,949 shares of the oil and gas company’s stock after acquiring an additional 13,749 shares during the period. Point72 Asset Management L.P.’s holdings in Precision Drilling were worth $4,073,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. The Manufacturers Life Insurance Company grew its stake in Precision Drilling by 1.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,020 shares of the oil and gas company’s stock valued at $844,000 after acquiring an additional 150 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Precision Drilling in the 2nd quarter valued at approximately $210,000. Dimensional Fund Advisors LP grew its stake in shares of 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 valued at $14,182,000 after buying an additional 28,947 shares during the period. American Century Companies Inc. grew its stake in shares of 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 valued at $7,030,000 after buying an additional 7,436 shares during the period. Finally, National Bank of Canada FI grew its stake in shares of 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 valued at $49,928,000 after buying an additional 4,919 shares during the period. Hedge funds and other institutional investors own 48.86% of the company’s stock.

Precision Drilling Stock Performance

NYSE:PDS opened at $62.66 on Thursday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.39 and a current ratio of 1.51. The stock has a market capitalization of $887.89 million, a P/E ratio of 5.51 and a beta of 1.97. The company has a 50 day moving average price of $68.07 and a 200 day moving average price of $69.40. Precision Drilling Co. has a fifty-two week low of $49.67 and a fifty-two week high of $79.07.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $1.44 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.62) by $2.06. The firm had revenue of $429.20 million during the quarter, compared to analysts’ expectations of $310.13 million. Precision Drilling had a net margin of 11.68% and a return on equity of 9.26%. The firm’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter last year, the company posted $1.21 EPS. Equities research analysts forecast that Precision Drilling Co. will post 6.67 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on PDS shares. Piper Sandler increased 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. StockNews.com raised shares of Precision Drilling from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st.

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.