Ninepoint Partners LP Takes Position in Precision Drilling Co. (NYSE:PDS)

Ninepoint Partners LP purchased a new position in shares of Precision Drilling Co. (NYSE:PDS) (TSE:PD) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 1,375,000 shares of the oil and gas company’s stock, valued at approximately $74,649,000. Precision Drilling comprises about 8.0% of Ninepoint Partners LP’s investment portfolio, making the stock its 4th largest holding. Ninepoint Partners LP owned approximately 9.59% of Precision Drilling as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in PDS. Great West Life Assurance Co. Can acquired a new stake in Precision Drilling during the 1st quarter worth approximately $27,000. Deutsche Bank AG acquired a new stake in Precision Drilling during the 4th quarter worth approximately $35,000. Barclays PLC increased its stake in Precision Drilling by 150.0% during the 4th quarter. Barclays PLC now owns 500 shares of the oil and gas company’s stock worth $38,000 after acquiring an additional 300 shares during the period. Wells Fargo & Company MN bought a new stake in shares of Precision Drilling during the 4th quarter valued at $38,000. Finally, Tower Research Capital LLC TRC lifted its position in shares of Precision Drilling by 599.3% during the 3rd quarter. Tower Research Capital LLC TRC now owns 1,042 shares of the oil and gas company’s stock valued at $53,000 after acquiring an additional 893 shares during the period. 48.86% of the stock is owned by institutional investors and hedge funds.

Precision Drilling Price Performance

Shares of NYSE:PDS traded down $0.08 during trading on Friday, reaching $67.31. 17,626 shares of the company traded hands, compared to its average volume of 82,694. The company has a quick ratio of 1.30, a current ratio of 1.40 and a debt-to-equity ratio of 0.58. Precision Drilling Co. has a 52 week low of $41.56 and a 52 week high of $77.21. The firm has a market capitalization of $974.65 million, a PE ratio of 4.99 and a beta of 2.11. The company’s 50 day moving average is $65.54 and its two-hundred day moving average is $60.31.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings results on Tuesday, February 6th. The oil and gas company reported $3.45 EPS for the quarter, topping analysts’ consensus estimates of $2.09 by $1.36. Precision Drilling had a return on equity of 14.81% and a net margin of 14.87%. The company had revenue of $372.34 million during the quarter, compared to analysts’ expectations of $355.78 million. As a group, sell-side analysts predict that Precision Drilling Co. will post 6.82 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Piper Sandler cut their target price on Precision Drilling from $100.00 to $81.00 and set an “overweight” rating for the company in a research report on Tuesday, February 20th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Precision Drilling presently has a consensus rating of “Buy” and an average price target of $115.17.

Precision Drilling Company Profile

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.