Bank of America Corp DE increased its stake in Precision Drilling Corporation (NYSE:PDS) (TSE:PD) by 138.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 571,135 shares of the oil and gas company’s stock after buying an additional 331,777 shares during the period. Bank of America Corp DE’s holdings in Precision Drilling Corporation were worth $2,696,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the company. Airain ltd bought a new stake in Precision Drilling Corporation during the first quarter valued at about $935,000. AGF Investments Inc. raised its stake in Precision Drilling Corporation by 10.7% in the first quarter. AGF Investments Inc. now owns 1,355,637 shares of the oil and gas company’s stock valued at $6,405,000 after buying an additional 130,500 shares during the last quarter. CIBC World Markets Inc. raised its stake in Precision Drilling Corporation by 4.5% in the first quarter. CIBC World Markets Inc. now owns 509,454 shares of the oil and gas company’s stock valued at $2,405,000 after buying an additional 22,157 shares during the last quarter. Parametric Portfolio Associates LLC raised its stake in Precision Drilling Corporation by 140.0% in the first quarter. Parametric Portfolio Associates LLC now owns 53,083 shares of the oil and gas company’s stock valued at $251,000 after buying an additional 30,964 shares during the last quarter. Finally, TD Asset Management Inc. raised its stake in Precision Drilling Corporation by 15.5% in the first quarter. TD Asset Management Inc. now owns 5,500,185 shares of the oil and gas company’s stock valued at $25,942,000 after buying an additional 736,820 shares during the last quarter. Institutional investors and hedge funds own 63.17% of the company’s stock.

Shares of Precision Drilling Corporation (PDS) traded up 0.171% during trading on Wednesday, hitting $2.935. The stock had a trading volume of 996,449 shares. Precision Drilling Corporation has a 52 week low of $2.85 and a 52 week high of $6.25. The company’s 50 day moving average price is $3.14 and its 200 day moving average price is $4.22. The company’s market capitalization is $860.65 million.

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) last posted its quarterly earnings results on Monday, July 31st. The oil and gas company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.07. The company had revenue of $275.52 million for the quarter, compared to analysts’ expectations of $271.33 million. Precision Drilling Corporation had a negative net margin of 12.38% and a negative return on equity of 7.10%. Precision Drilling Corporation’s revenue was up 68.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.20) EPS. Analysts predict that Precision Drilling Corporation will post ($0.31) earnings per share for the current year.

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Several research firms recently issued reports on PDS. Jefferies Group LLC upgraded Precision Drilling Corporation from a “hold” rating to a “buy” rating and set a $7.00 target price on the stock in a report on Tuesday, April 11th. Zacks Investment Research lowered Precision Drilling Corporation from a “buy” rating to a “hold” rating in a report on Friday, April 14th. Raymond James Financial, Inc. upgraded Precision Drilling Corporation from a “market perform” rating to an “outperform” rating in a research note on Wednesday, April 26th. Citigroup Inc. restated an “outperform” rating on shares of Precision Drilling Corporation in a research note on Wednesday, April 26th. Finally, Deutsche Bank AG upped their price objective on Precision Drilling Corporation from $8.00 to $10.00 and gave the company a “buy” rating in a research note on Tuesday, April 25th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. Precision Drilling Corporation currently has a consensus rating of “Buy” and a consensus price target of $6.21.

About Precision Drilling Corporation

Precision Drilling Corporation (Precision) is an oilfield services company. The Company provides onshore drilling and completion and production services to exploration and production companies in the oil and natural gas industry. The Company operates through two segments: Contract Drilling Services, and Completion and Production Services.

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Institutional Ownership by Quarter for Precision Drilling Corporation (NYSE:PDS)

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