Precision Drilling Corp. (NYSE:PDS) saw a large decline in short interest during the month of September. As of September 15th, there was short interest totalling 25,034,238 shares, a decline of 8.4% from the August 31st total of 27,321,954 shares. Approximately 8.6% of the shares of the stock are sold short. Based on an average daily volume of 2,742,400 shares, the short-interest ratio is presently 9.1 days.
Several hedge funds have recently made changes to their positions in PDS. BlackRock Institutional Trust Company N.A. purchased a new stake in shares of Precision Drilling Corp. during the first quarter worth $140,000. Shell Asset Management Co. increased its stake in shares of Precision Drilling Corp. by 14.1% in the second quarter. Shell Asset Management Co. now owns 34,700 shares of the company’s stock worth $238,000 after buying an additional 4,300 shares in the last quarter. Pacad Investment Ltd. purchased a new stake in shares of Precision Drilling Corp. during the second quarter worth $196,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Precision Drilling Corp. during the second quarter worth $218,000. Finally, AHL Partners LLP purchased a new stake in shares of Precision Drilling Corp. during the second quarter worth $306,000. Institutional investors and hedge funds own 72.90% of the company’s stock.
Shares of Precision Drilling Corp. (NYSE:PDS) opened at 4.33 on Thursday. Precision Drilling Corp. has a 1-year low of $2.43 and a 1-year high of $6.08. The firm’s market capitalization is $1.27 billion. The firm has a 50-day moving average of $4.08 and a 200-day moving average of $4.54.
Precision Drilling Corp. (NYSE:PDS) last announced its quarterly earnings results on Thursday, July 21st. The company reported ($0.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.04. The business had revenue of $164 million for the quarter, compared to the consensus estimate of $172.98 million. Precision Drilling Corp. had a negative net margin of 37.17% and a negative return on equity of 5.54%. Precision Drilling Corp.’s revenue for the quarter was down 51.0% on a year-over-year basis. During the same period last year, the company posted ($0.10) EPS. On average, equities research analysts anticipate that Precision Drilling Corp. will post ($0.48) EPS for the current fiscal year.
Several equities analysts have recently issued reports on PDS shares. DA Davidson started coverage on shares of Precision Drilling Corp. in a research note on Thursday, September 15th. They issued a “buy” rating on the stock. Jefferies Group lifted their price objective on shares of Precision Drilling Corp. from $3.00 to $4.00 and gave the stock an “underweight” rating in a research note on Monday, July 11th. Zacks Investment Research cut shares of Precision Drilling Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, July 14th. Scotiabank reaffirmed an “underperform” rating and issued a $6.00 price objective (up previously from $3.50) on shares of Precision Drilling Corp. in a research note on Tuesday, July 19th. Finally, TD Securities reaffirmed a “buy” rating and issued a $8.50 price objective (down previously from $9.50) on shares of Precision Drilling Corp. in a research note on Tuesday, July 26th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $5.47.
Precision Drilling Corp. Company Profile
Precision Drilling Corporation (Precision) provides contract drilling, and completion and production services primarily to oil and natural gas exploration and production companies in Canada, the United States and certain international locations. It operates through two segments: Contract Drilling Services, and Completion and Production Services.
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