MQS Management LLC Acquires New Shares in Precision Drilling Corporation $PDS

MQS Management LLC acquired a new position in shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) during the 1st quarter, Holdings Channel.com reports. The firm acquired 7,026 shares of the oil and gas company’s stock, valued at approximately $691,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PDS. Cubist Systematic Strategies LLC acquired a new position in Precision Drilling in the first quarter valued at about $45,000. Quarry LP acquired a new stake in shares of Precision Drilling during the third quarter worth about $54,000. Raymond James Financial Inc. acquired a new stake in shares of Precision Drilling during the second quarter worth about $57,000. Wolverine Asset Management LLC lifted its holdings in shares of Precision Drilling by 112.9% during the 4th quarter. Wolverine Asset Management LLC now owns 802 shares of the oil and gas company’s stock valued at $58,000 after purchasing an additional 7,000 shares in the last quarter. Finally, US Bancorp DE lifted its holdings in shares of Precision Drilling by 52.3% during the 3rd quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock valued at $67,000 after purchasing an additional 408 shares in the last quarter. 48.86% of the stock is currently owned by institutional investors.

Precision Drilling Stock Down 0.1%

Shares of Precision Drilling stock opened at $76.75 on Wednesday. The firm has a market cap of $991.64 million, a PE ratio of -81.65 and a beta of 0.76. The business’s 50 day simple moving average is $91.07 and its 200 day simple moving average is $86.25. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.52 and a current ratio of 1.70. Precision Drilling Corporation has a 52-week low of $46.44 and a 52-week high of $103.80.

Wall Street Analyst Weigh In

PDS has been the topic of several research analyst reports. Wall Street Zen downgraded shares of Precision Drilling from a “buy” rating to a “hold” rating in a report on Sunday, March 22nd. BMO Capital Markets reiterated an “outperform” rating on shares of Precision Drilling in a report on Thursday, April 30th. Royal Bank Of Canada increased their price objective on shares of Precision Drilling from $124.00 to $140.00 and gave the stock an “outperform” rating in a research report on Monday, March 23rd. TD Securities reissued a “hold” rating on shares of Precision Drilling in a research report on Friday, May 1st. Finally, Weiss Ratings lowered shares of Precision Drilling from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, June 23rd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Precision Drilling presently has a consensus rating of “Moderate Buy” and an average price target of $122.33.

Precision Drilling Profile

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.