Precision Drilling (NYSE:PDS) Trading 3.2% Higher – Here’s What Happened

Precision Drilling Co. (NYSE:PDS) (TSE:PD)’s stock price shot up 3.2% during mid-day trading on Monday . The company traded as high as $45.12 and last traded at $46.79. 42,630 shares changed hands during mid-day trading, a decline of 43% from the average session volume of 74,572 shares. The stock had previously closed at $45.36.

Wall Street Analyst Weigh In

Several research analysts recently commented on PDS shares. StockNews.com cut Precision Drilling from a “buy” rating to a “hold” rating in a research report on Monday, March 24th. TD Securities cut shares of Precision Drilling from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd.

Precision Drilling Price Performance

The company’s 50-day simple moving average is $51.78 and its 200-day simple moving average is $58.50. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.48 and a quick ratio of 1.35. The stock has a market capitalization of $647.13 million, a price-to-earnings ratio of 8.88 and a beta of 2.05.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its earnings results on Wednesday, February 12th. The oil and gas company reported $0.76 earnings per share for the quarter, missing analysts’ consensus estimates of $1.40 by ($0.64). Precision Drilling had a return on equity of 6.72% and a net margin of 5.87%. Research analysts forecast that Precision Drilling Co. will post 7.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Precision Drilling

Several institutional investors have recently made changes to their positions in PDS. PDT Partners LLC lifted its position in shares of Precision Drilling by 182.8% during the 3rd quarter. PDT Partners LLC now owns 8,264 shares of the oil and gas company’s stock valued at $509,000 after acquiring an additional 5,342 shares during the period. Polar Asset Management Partners Inc. grew its stake in Precision Drilling by 111.1% during the third quarter. Polar Asset Management Partners Inc. now owns 68,600 shares of the oil and gas company’s stock worth $4,226,000 after buying an additional 36,100 shares in the last quarter. Virtus Investment Advisers Inc. bought a new position in Precision Drilling in the 3rd quarter valued at about $237,000. Jane Street Group LLC raised its position in shares of Precision Drilling by 73.5% in the 3rd quarter. Jane Street Group LLC now owns 16,440 shares of the oil and gas company’s stock valued at $1,014,000 after buying an additional 6,967 shares in the last quarter. Finally, National Bank of Canada FI boosted its position in shares of Precision Drilling by 1.4% during the 3rd quarter. National Bank of Canada FI now owns 726,284 shares of the oil and gas company’s stock worth $44,740,000 after acquiring an additional 10,318 shares in the last quarter. 48.86% of the stock is currently owned by institutional investors.

About Precision Drilling

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.