Polar Asset Management Partners Inc. purchased a new position in Precision Drilling Corp (NYSE:PDS) (TSE:PD) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 160,000 shares of the oil and gas company’s stock, valued at approximately $302,000. Polar Asset Management Partners Inc. owned 0.05% of Precision Drilling at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Bank of Montreal Can raised its holdings in Precision Drilling by 37.0% during the 2nd quarter. Bank of Montreal Can now owns 4,062,356 shares of the oil and gas company’s stock valued at $7,678,000 after acquiring an additional 1,096,492 shares during the period. Wedge Capital Management L L P NC purchased a new position in shares of Precision Drilling during the 2nd quarter valued at $1,475,000. JPMorgan Chase & Co. grew its position in shares of Precision Drilling by 730.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 774,948 shares of the oil and gas company’s stock valued at $1,433,000 after purchasing an additional 681,674 shares in the last quarter. Citadel Advisors LLC grew its position in shares of Precision Drilling by 188.8% during the 2nd quarter. Citadel Advisors LLC now owns 997,457 shares of the oil and gas company’s stock valued at $1,881,000 after purchasing an additional 652,092 shares in the last quarter. Finally, TD Asset Management Inc. grew its position in shares of Precision Drilling by 46.6% during the 1st quarter. TD Asset Management Inc. now owns 1,836,463 shares of the oil and gas company’s stock valued at $4,358,000 after purchasing an additional 583,976 shares in the last quarter. 37.47% of the stock is currently owned by institutional investors.
A number of research analysts have recently commented on PDS shares. ValuEngine upgraded shares of Precision Drilling from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. BMO Capital Markets set a $3.00 price target on shares of Precision Drilling and gave the company a “buy” rating in a research report on Tuesday, September 10th. Piper Jaffray Companies reduced their price target on shares of Precision Drilling from $2.50 to $2.00 and set an “overweight” rating for the company in a research report on Tuesday, July 30th. TD Securities upgraded shares of Precision Drilling to a “buy” rating in a research report on Wednesday, September 4th. Finally, Morgan Stanley reduced their price target on shares of Precision Drilling from $3.50 to $3.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the stock. Precision Drilling currently has an average rating of “Buy” and a consensus price target of $2.56.
Precision Drilling (NYSE:PDS) (TSE:PD) last announced its earnings results on Thursday, July 25th. The oil and gas company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.04. Precision Drilling had a negative net margin of 13.63% and a negative return on equity of 2.67%. The company had revenue of $359.00 million during the quarter, compared to analyst estimates of $346.66 million. During the same period in the previous year, the business earned ($0.16) earnings per share. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Precision Drilling Corp will post -0.11 EPS for the current year.
Precision Drilling Profile
Precision Drilling Corporation, an oilfield services company, 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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