Grantham Mayo Van Otterloo & Co. LLC Sells 6,700 Shares of Precision Drilling Corporation $PDS

Grantham Mayo Van Otterloo & Co. LLC cut its position in Precision Drilling Corporation (NYSE:PDS) (TSE:PD) by 8.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 69,300 shares of the oil and gas company’s stock after selling 6,700 shares during the quarter. Grantham Mayo Van Otterloo & Co. LLC’s holdings in Precision Drilling were worth $3,904,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Cubist Systematic Strategies LLC acquired a new position in Precision Drilling during the 1st quarter worth $45,000. Goldman Sachs Group Inc. grew its position in shares of Precision Drilling by 28.4% in the first quarter. Goldman Sachs Group Inc. now owns 138,896 shares of the oil and gas company’s stock valued at $6,475,000 after purchasing an additional 30,690 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Precision Drilling by 20.3% in the second quarter. Geode Capital Management LLC now owns 65,512 shares of the oil and gas company’s stock valued at $3,095,000 after purchasing an additional 11,056 shares during the last quarter. Creative Planning bought a new position in shares of Precision Drilling in the second quarter worth about $378,000. Finally, Aegis Financial Corp increased its stake in shares of Precision Drilling by 10.2% in the second quarter. Aegis Financial Corp now owns 215,396 shares of the oil and gas company’s stock worth $10,182,000 after purchasing an additional 19,891 shares during the period. Institutional investors own 48.86% of the company’s stock.

Precision Drilling Stock Up 1.6%

NYSE PDS opened at $91.16 on Tuesday. Precision Drilling Corporation has a twelve month low of $36.20 and a twelve month high of $93.89. The stock has a market cap of $1.18 billion, a PE ratio of -233.75 and a beta of 1.01. The firm has a 50-day simple moving average of $81.00 and a 200 day simple moving average of $67.41. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.46 and a current ratio of 1.62.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its quarterly earnings results on Wednesday, February 11th. The oil and gas company reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.26. The firm had revenue of $349.37 million for the quarter, compared to analyst estimates of $489.80 million. Precision Drilling had a return on equity of 4.12% and a net margin of 0.05%. On average, research analysts forecast that Precision Drilling Corporation will post 7.1 EPS for the current year.

Analyst Upgrades and Downgrades

PDS has been the subject of several recent analyst reports. Weiss Ratings restated a “hold (c-)” rating on shares of Precision Drilling in a research note on Wednesday, January 28th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Precision Drilling in a research report on Thursday, February 12th. Royal Bank Of Canada reiterated an “outperform” rating and set a $124.00 price target (up from $119.00) on shares of Precision Drilling in a report on Friday, February 13th. Loop Capital set a $122.00 price objective on Precision Drilling in a research report on Monday, March 2nd. Finally, Zacks Research upgraded shares of Precision Drilling from a “strong sell” rating to a “hold” rating in a research note on Friday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $117.00.

About Precision Drilling

Precision Drilling Corporation (NYSE: PDS) is a Calgary, Alberta–based oilfield services company that has provided drilling solutions since its founding in 1951. With more than seven decades of industry experience, the company delivers contract drilling services, directional and horizontal drilling, well servicing, and a suite of specialized equipment designed to meet the evolving needs of exploration and production companies worldwide.

The company’s core business activities include operating a fleet of onshore drilling rigs, offering managed pressure drilling, measurement-while-drilling (MWD) and logging-while-drilling (LWD) services, and providing completion and workover rigs.