JPMorgan Chase & Co. Has $2.12 Million Stake in Precision Drilling Corporation $PDS

JPMorgan Chase & Co. raised its stake in shares of Precision Drilling Corporation (NYSE:PDS) (TSE:PD) by 180.9% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 37,579 shares of the oil and gas company’s stock after purchasing an additional 24,203 shares during the period. JPMorgan Chase & Co.’s holdings in Precision Drilling were worth $2,118,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Quarry LP acquired a new position in Precision Drilling during the 3rd quarter valued at about $54,000. Cubist Systematic Strategies LLC acquired a new position in Precision Drilling during the 1st quarter valued at about $45,000. US Bancorp DE boosted its stake 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 valued at $67,000 after purchasing an additional 408 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Precision Drilling during the 2nd quarter worth approximately $57,000. Finally, Aquatic Capital Management LLC bought a new position in shares of Precision Drilling during the 3rd quarter worth approximately $146,000. Institutional investors and hedge funds own 48.86% of the company’s stock.

Precision Drilling Trading Up 0.3%

NYSE:PDS opened at $94.80 on Tuesday. The company has a current ratio of 1.62, a quick ratio of 1.46 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $1.23 billion, a PE ratio of -243.07 and a beta of 0.96. The firm’s 50 day moving average is $90.19 and its 200 day moving average is $72.92. Precision Drilling Corporation has a 12 month low of $36.20 and a 12 month high of $103.80.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings results on Wednesday, February 11th. The oil and gas company reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.26. The company had revenue of $349.37 million for the quarter, compared to analysts’ expectations of $489.80 million. Precision Drilling had a net margin of 0.05% and a return on equity of 4.12%. Sell-side analysts expect that Precision Drilling Corporation will post 7.1 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have commented on PDS shares. BMO Capital Markets reissued an “outperform” rating on shares of Precision Drilling in a research report on Thursday, February 12th. Weiss Ratings cut shares of Precision Drilling from a “hold (c)” rating to a “sell (d+)” rating in a research report on Thursday, March 12th. Zacks Research raised shares of Precision Drilling from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th. Loop Capital set a $122.00 target price on shares of Precision Drilling in a research report on Monday, March 2nd. Finally, Wall Street Zen cut shares of Precision Drilling from a “buy” rating to a “hold” rating in a research report on Sunday, March 22nd. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $122.33.

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.