Franklin Resources Inc. Sells 34,841 Shares of Precision Drilling Corporation $PDS

Franklin Resources Inc. lessened its stake in Precision Drilling Corporation (NYSE:PDS) (TSE:PD) by 53.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 29,755 shares of the oil and gas company’s stock after selling 34,841 shares during the quarter. Franklin Resources Inc.’s holdings in Precision Drilling were worth $1,406,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Mackenzie Financial Corp raised its position in Precision Drilling by 5.8% during the first quarter. Mackenzie Financial Corp now owns 9,752 shares of the oil and gas company’s stock worth $453,000 after acquiring an additional 533 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Precision Drilling by 2.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 31,023 shares of the oil and gas company’s stock valued at $1,442,000 after acquiring an additional 835 shares during the period. National Bank of Canada FI increased its stake in shares of Precision Drilling by 1.4% during the 1st quarter. National Bank of Canada FI now owns 739,842 shares of the oil and gas company’s stock worth $34,093,000 after purchasing an additional 10,216 shares during the last quarter. PCJ Investment Counsel Ltd. raised its holdings in shares of Precision Drilling by 2.9% in the 1st quarter. PCJ Investment Counsel Ltd. now owns 16,830 shares of the oil and gas company’s stock valued at $783,000 after purchasing an additional 470 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Precision Drilling by 38.6% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 31,600 shares of the oil and gas company’s stock valued at $1,469,000 after purchasing an additional 8,800 shares during the period. 48.86% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on PDS shares. Royal Bank Of Canada lifted their price target on Precision Drilling from $110.00 to $117.00 and gave the stock an “outperform” rating in a report on Friday, October 24th. Piper Sandler boosted their target price on Precision Drilling from $74.00 to $79.00 and gave the stock an “overweight” rating in a report on Tuesday, October 28th. Zacks Research upgraded Precision Drilling from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 27th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Precision Drilling in a research report on Friday, October 31st. Finally, TD Securities reissued a “hold” rating on shares of Precision Drilling in a research report on Thursday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $98.00.

Precision Drilling Stock Performance

Shares of NYSE PDS opened at $68.19 on Friday. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.58 and a quick ratio of 1.42. The firm has a market cap of $893.93 million, a price-to-earnings ratio of 25.35 and a beta of 0.97. The stock’s fifty day moving average price is $58.40 and its two-hundred day moving average price is $54.27. Precision Drilling Corporation has a one year low of $36.20 and a one year high of $69.61.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its earnings results on Wednesday, October 22nd. The oil and gas company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.20 by ($1.57). Precision Drilling had a net margin of 3.17% and a return on equity of 3.44%. The business had revenue of $331.90 million during the quarter, compared to the consensus estimate of $471.38 million. On average, equities analysts forecast that Precision Drilling Corporation will post 7.1 EPS for the current year.

About Precision Drilling

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.