Equinox Partners Investment Management LLC Makes New Investment in Precision Drilling Corporation $PDS

Equinox Partners Investment Management LLC acquired a new stake in shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 30,111 shares of the oil and gas company’s stock, valued at approximately $2,161,000. Precision Drilling comprises 1.1% of Equinox Partners Investment Management LLC’s holdings, making the stock its 11th largest position. Equinox Partners Investment Management LLC owned approximately 0.23% of Precision Drilling as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. Cubist Systematic Strategies LLC bought a new stake in shares of Precision Drilling in the 1st quarter worth approximately $45,000. Quarry LP acquired a new stake in Precision Drilling during the third quarter worth $54,000. Raymond James Financial Inc. bought a new stake in Precision Drilling in the 2nd quarter valued at $57,000. Wolverine Asset Management LLC raised its stake in shares of Precision Drilling by 112.9% in the 4th quarter. Wolverine Asset Management LLC now owns 802 shares of the oil and gas company’s stock valued at $58,000 after buying an additional 7,000 shares in the last quarter. Finally, US Bancorp DE lifted its holdings in shares of Precision Drilling by 52.3% during the 3rd quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock worth $67,000 after acquiring an additional 408 shares during the period. Institutional investors own 48.86% of the company’s stock.

Precision Drilling Stock Down 1.9%

Shares of NYSE:PDS opened at $85.89 on Thursday. The company has a quick ratio of 1.52, a current ratio of 1.70 and a debt-to-equity ratio of 0.41. The firm has a market cap of $1.11 billion, a P/E ratio of -91.37 and a beta of 0.76. Precision Drilling Corporation has a 12 month low of $45.97 and a 12 month high of $103.80. The company’s 50-day moving average price is $92.96 and its two-hundred day moving average price is $85.38.

Wall Street Analyst Weigh In

PDS has been the subject of a number of analyst reports. Royal Bank Of Canada raised their price target on shares of Precision Drilling from $124.00 to $140.00 and gave the stock an “outperform” rating in a research note on Monday, March 23rd. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Precision Drilling in a research note on Friday, May 1st. Weiss Ratings raised Precision Drilling from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, June 5th. Wall Street Zen lowered shares of Precision Drilling from a “buy” rating to a “hold” rating in a report on Sunday, March 22nd. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Precision Drilling in a report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $122.33.

Precision Drilling Profile

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.