Precision Drilling (NYSE:PDS) Trading 6.1% Higher – Still a Buy?

Shares of Precision Drilling Co. (NYSE:PDS) (TSE:PD) were up 6.1% during mid-day trading on Tuesday . The company traded as high as $67.22 and last traded at $67.19. Approximately 44,165 shares were traded during mid-day trading, a decline of 25% from the average daily volume of 58,870 shares. The stock had previously closed at $63.33.

Precision Drilling Price Performance

The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.41 and a current ratio of 1.54. The firm has a market capitalization of $933.10 million, a P/E ratio of 5.65 and a beta of 1.93. The business has a fifty day moving average of $61.34 and a 200-day moving average of $65.33.

Institutional Trading of Precision Drilling

A number of hedge funds and other institutional investors have recently made changes to their positions in PDS. The Manufacturers Life Insurance Company lifted its stake in Precision Drilling by 1.3% during the second quarter. The Manufacturers Life Insurance Company now owns 12,020 shares of the oil and gas company’s stock valued at $844,000 after buying an additional 150 shares in the last quarter. US Bancorp DE lifted its position in shares of Precision Drilling by 56.6% in the 3rd quarter. US Bancorp DE now owns 603 shares of the oil and gas company’s stock valued at $37,000 after acquiring an additional 218 shares in the last quarter. Signaturefd LLC lifted its position in shares of Precision Drilling by 19.9% in the 3rd quarter. Signaturefd LLC now owns 1,660 shares of the oil and gas company’s stock valued at $102,000 after acquiring an additional 276 shares in the last quarter. Geode Capital Management LLC boosted its stake in Precision Drilling by 6.6% in the 3rd quarter. Geode Capital Management LLC now owns 6,867 shares of the oil and gas company’s stock worth $425,000 after purchasing an additional 424 shares during the period. Finally, Northwest & Ethical Investments L.P. grew its position in Precision Drilling by 22.0% during the 3rd quarter. Northwest & Ethical Investments L.P. now owns 3,359 shares of the oil and gas company’s stock worth $207,000 after purchasing an additional 606 shares in the last quarter. 48.86% of the stock is currently owned by institutional investors.

About Precision Drilling

Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates through Contract Drilling Services and Completion and Production Services segments.