Janney Montgomery Scott LLC Makes New Investment in Precision Drilling Corporation $PDS

Janney Montgomery Scott LLC bought a new position in Precision Drilling Corporation (NYSE:PDS) (TSE:PD) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 8,364 shares of the oil and gas company’s stock, valued at approximately $823,000.

A number of other institutional investors have also modified their holdings of PDS. Cubist Systematic Strategies LLC bought a new position in shares of Precision Drilling during the first quarter worth about $45,000. Quarry LP bought a new stake in Precision Drilling in the third quarter valued at about $54,000. Raymond James Financial Inc. acquired a new stake in Precision Drilling during the second quarter valued at approximately $57,000. Wolverine Asset Management LLC lifted its holdings in Precision Drilling by 112.9% during the 4th quarter. Wolverine Asset Management LLC now owns 802 shares of the oil and gas company’s stock worth $58,000 after buying an additional 7,000 shares during the last quarter. Finally, US Bancorp DE lifted its holdings in 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 buying an additional 408 shares during the last quarter. Institutional investors and hedge funds own 48.86% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on PDS shares. Weiss Ratings lowered Precision Drilling from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, June 23rd. TD Securities reissued a “hold” rating on shares of Precision Drilling in a research report on Friday, May 1st. BMO Capital Markets restated an “outperform” rating on shares of Precision Drilling in a research note on Thursday, April 30th. Zacks Research downgraded shares of Precision Drilling from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 1st. Finally, Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Precision Drilling in a research note on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Precision Drilling presently has an average rating of “Moderate Buy” and an average target price of $122.33.

Precision Drilling Price Performance

Shares of PDS opened at $83.52 on Tuesday. Precision Drilling Corporation has a 12 month low of $48.59 and a 12 month high of $103.80. 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 has a fifty day moving average price of $88.47 and a 200 day moving average price of $86.87. The company has a market cap of $1.08 billion, a P/E ratio of -88.85 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.