Lazard Asset Management LLC Boosts Stock Position in Precision Drilling Corporation $PDS

Lazard Asset Management LLC lifted its holdings in shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) by 540.1% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 25,392 shares of the oil and gas company’s stock after buying an additional 21,425 shares during the period. Lazard Asset Management LLC’s holdings in Precision Drilling were worth $2,499,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PDS. Cubist Systematic Strategies LLC acquired a new stake in Precision Drilling in the 1st quarter valued at $45,000. Quarry LP acquired a new position in Precision Drilling during the third quarter worth $54,000. Raymond James Financial Inc. purchased a new position in Precision Drilling during the second quarter valued at $57,000. Wolverine Asset Management LLC lifted its holdings in Precision Drilling by 112.9% during the fourth quarter. Wolverine Asset Management LLC now owns 802 shares of the oil and gas company’s stock valued at $58,000 after purchasing an additional 7,000 shares in the last quarter. Finally, US Bancorp DE grew its position in shares of Precision Drilling by 52.3% in the third quarter. US Bancorp DE now owns 1,188 shares of the oil and gas company’s stock valued at $67,000 after purchasing an additional 408 shares during the period. Hedge funds and other institutional investors own 48.86% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on PDS shares. TD Securities reissued a “hold” rating on shares of Precision Drilling in a research note on Friday, May 1st. Zacks Research cut Precision Drilling from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 1st. Weiss Ratings lowered Precision Drilling from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, June 23rd. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Precision Drilling in a research note on Friday, May 1st. Finally, Wall Street Zen raised Precision Drilling from a “hold” rating to a “buy” rating in a report on Saturday. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Precision Drilling has a consensus rating of “Moderate Buy” and an average target price of $122.33.

Precision Drilling Price Performance

Shares of NYSE PDS opened at $77.87 on Monday. The firm has a 50-day simple moving average of $84.83 and a 200-day simple moving average of $87.86. The company has a quick ratio of 1.29, a current ratio of 1.46 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $1.00 billion, a price-to-earnings ratio of -37.26 and a beta of 0.78. Precision Drilling Corporation has a 52 week low of $52.53 and a 52 week high of $103.80.

Precision Drilling Company 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.