Janney Montgomery Scott LLC Invests $823,000 in Precision Drilling Corporation $PDS

Janney Montgomery Scott LLC bought a new position in Precision Drilling Corporation (NYSE:PDS) (TSE:PD) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 8,364 shares of the oil and gas company’s stock, valued at approximately $823,000. Janney Montgomery Scott LLC owned 0.06% of Precision Drilling at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC purchased a new stake in Precision Drilling during the first quarter valued at about $45,000. Goldman Sachs Group Inc. raised its holdings in shares of Precision Drilling by 28.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 138,896 shares of the oil and gas company’s stock worth $6,475,000 after purchasing an additional 30,690 shares during the period. Geode Capital Management LLC raised its holdings in shares of Precision Drilling by 20.3% in the 2nd quarter. Geode Capital Management LLC now owns 65,512 shares of the oil and gas company’s stock worth $3,095,000 after purchasing an additional 11,056 shares during the period. Creative Planning acquired a new position in shares of Precision Drilling in the 2nd quarter valued at about $378,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Precision Drilling in the 2nd quarter valued at about $57,000. Institutional investors and hedge funds own 48.86% of the company’s stock.

Precision Drilling Trading Up 4.0%

NYSE:PDS opened at $83.52 on Tuesday. The stock has a market cap of $1.08 billion, a price-to-earnings ratio of -88.85 and a beta of 0.76. Precision Drilling Corporation has a one year low of $48.59 and a one year high of $103.80. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.52 and a current ratio of 1.70. The business’s 50-day simple moving average is $88.47 and its 200 day simple moving average is $86.87.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Wall Street Zen downgraded shares of Precision Drilling from a “buy” rating to a “hold” rating in a research report on Sunday, March 22nd. TD Securities reaffirmed a “hold” rating on shares of Precision Drilling in a research report on Friday, May 1st. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Precision Drilling in a research note on Friday, May 1st. Weiss Ratings lowered shares of Precision Drilling from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, June 23rd. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Precision Drilling in a research note on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $122.33.

Precision Drilling Company 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.