Short Interest in Precision Drilling Co. (NYSE:PDS) Increases By 26.0%

Precision Drilling Co. (NYSE:PDS) (TSE:PD) saw a significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 337,300 shares, a growth of 26.0% from the February 28th total of 267,700 shares. Based on an average trading volume of 101,200 shares, the days-to-cover ratio is currently 3.3 days. Approximately 2.6% of the company’s shares are sold short.

Wall Street Analyst Weigh In

PDS has been the subject of several analyst reports. StockNews.com lowered Precision Drilling from a “buy” rating to a “hold” rating in a research note on Monday, March 24th. TD Securities lowered shares of Precision Drilling from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd.

Precision Drilling Stock Up 0.7 %

Shares of NYSE PDS opened at $48.12 on Thursday. Precision Drilling has a 1 year low of $43.00 and a 1 year high of $79.07. The firm has a 50-day simple moving average of $51.43 and a two-hundred day simple moving average of $58.43. The company has a market cap of $651.93 million, a P/E ratio of 8.94 and a beta of 1.53. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.48 and a quick ratio of 1.35.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its quarterly earnings results on Wednesday, February 12th. The oil and gas company reported $0.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.40 by ($0.64). Precision Drilling had a return on equity of 6.72% and a net margin of 5.87%. Research analysts anticipate that Precision Drilling will post 7.1 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP grew its stake in Precision Drilling by 1.6% in the 4th quarter. Wellington Management Group LLP now owns 135,908 shares of the oil and gas company’s stock worth $8,308,000 after acquiring an additional 2,200 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Precision Drilling by 2.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,388 shares of the oil and gas company’s stock worth $695,000 after purchasing an additional 250 shares in the last quarter. SG Capital Management LLC purchased a new position in Precision Drilling during the 4th quarter worth $1,779,000. SIR Capital Management L.P. raised its position in Precision Drilling by 10.3% during the 4th quarter. SIR Capital Management L.P. now owns 130,078 shares of the oil and gas company’s stock valued at $7,955,000 after purchasing an additional 12,100 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of Precision Drilling by 235.8% in the 4th quarter. Millennium Management LLC now owns 157,433 shares of the oil and gas company’s stock worth $9,621,000 after buying an additional 110,546 shares during the period. Hedge funds and other institutional investors own 48.86% of the company’s stock.

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.