Y Intercept Hong Kong Ltd Boosts Stake in Precision Drilling Corporation $PDS

Y Intercept Hong Kong Ltd boosted its stake in shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) by 298.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,396 shares of the oil and gas company’s stock after purchasing an additional 8,536 shares during the period. Y Intercept Hong Kong Ltd owned about 0.09% of Precision Drilling worth $1,121,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Equinox Partners Investment Management LLC increased its position in Precision Drilling by 116.6% in the first quarter. Equinox Partners Investment Management LLC now owns 65,211 shares of the oil and gas company’s stock worth $6,415,000 after buying an additional 35,100 shares in the last quarter. MQS Management LLC purchased a new position in shares of Precision Drilling during the 1st quarter valued at about $691,000. Janney Montgomery Scott LLC purchased a new stake in Precision Drilling in the 1st quarter worth approximately $823,000. Pictet Asset Management Holding SA bought a new stake in Precision Drilling during the 1st quarter worth approximately $300,000. Finally, Aristides Capital LLC purchased a new position in Precision Drilling during the fourth quarter valued at approximately $225,000. Institutional investors own 48.86% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PDS. Wall Street Zen lowered shares of Precision Drilling from a “buy” rating to a “hold” rating in a research report on Sunday, March 22nd. Zacks Research downgraded shares of Precision Drilling from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 1st. BMO Capital Markets reiterated an “outperform” rating on shares of Precision Drilling in a research note on Thursday, April 30th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Precision Drilling in a report on Friday, May 1st. Finally, Royal Bank Of Canada upped their price objective on Precision Drilling from $124.00 to $140.00 and gave the stock an “outperform” rating in a research note on Monday, March 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $122.33.

Precision Drilling Price Performance

Shares of PDS stock traded down $0.41 during mid-day trading on Friday, hitting $80.22. The company had a trading volume of 70,884 shares, compared to its average volume of 84,080. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.70 and a quick ratio of 1.52. The stock’s 50 day moving average price is $88.66 and its 200-day moving average price is $86.64. Precision Drilling Corporation has a 52-week low of $48.59 and a 52-week high of $103.80. The company has a market capitalization of $1.04 billion, a P/E ratio of -85.34 and a beta of 0.76.

About Precision Drilling

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.