Russell Investments Group Ltd. decreased its holdings in shares of Precision Drilling Corp (NYSE:PDS) (TSE:PD) by 11.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 724,722 shares of the oil and gas company’s stock after selling 91,828 shares during the quarter. Russell Investments Group Ltd.’s holdings in Precision Drilling were worth $2,475,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also modified their holdings of the business. Bank of New York Mellon Corp raised its holdings in Precision Drilling by 138.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 35,916 shares of the oil and gas company’s stock valued at $119,000 after acquiring an additional 20,833 shares during the period. Raymond James Financial Services Advisors Inc. raised its holdings in Precision Drilling by 112.1% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 59,537 shares of the oil and gas company’s stock valued at $197,000 after acquiring an additional 31,461 shares during the period. Prescott Group Capital Management L.L.C. bought a new stake in Precision Drilling during the 2nd quarter valued at $202,000. Bank of America Corp DE raised its holdings in Precision Drilling by 35.1% during the 2nd quarter. Bank of America Corp DE now owns 336,860 shares of the oil and gas company’s stock valued at $1,118,000 after acquiring an additional 87,469 shares during the period. Finally, Acadian Asset Management LLC raised its holdings in Precision Drilling by 140.9% during the 2nd quarter. Acadian Asset Management LLC now owns 307,200 shares of the oil and gas company’s stock valued at $1,016,000 after acquiring an additional 179,700 shares during the period. 48.68% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have issued reports on the stock. GMP Securities reissued a “buy” rating on shares of Precision Drilling in a report on Monday. Piper Jaffray Companies set a $6.00 price target on shares of Precision Drilling and gave the stock a “buy” rating in a report on Wednesday, October 3rd. Zacks Investment Research cut shares of Precision Drilling from a “hold” rating to a “sell” rating in a report on Saturday, October 6th. Raymond James reaffirmed a “buy” rating on shares of Precision Drilling in a report on Tuesday, October 30th. Finally, Canaccord Genuity reaffirmed a “buy” rating on shares of Precision Drilling in a report on Sunday, November 25th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company’s stock. Precision Drilling presently has a consensus rating of “Buy” and an average target price of $4.40.
Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings results on Thursday, October 25th. The oil and gas company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.02). The firm had revenue of $292.65 million during the quarter, compared to the consensus estimate of $306.54 million. Precision Drilling had a negative return on equity of 6.59% and a negative net margin of 9.77%. As a group, sell-side analysts anticipate that Precision Drilling Corp will post -0.29 earnings per share for the current year.
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About Precision Drilling
Precision Drilling Corporation provides oil and natural gas drilling and related services and products. The company operates in two segments, Contract Drilling Services, and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry.
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