Equinox Partners Investment Management LLC Has $6.42 Million Stake in Precision Drilling Corporation $PDS

Equinox Partners Investment Management LLC increased its stake in Precision Drilling Corporation (NYSE:PDS) (TSE:PD) by 116.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 65,211 shares of the oil and gas company’s stock after purchasing an additional 35,100 shares during the period. Precision Drilling makes up approximately 2.6% of Equinox Partners Investment Management LLC’s portfolio, making the stock its 10th biggest holding. Equinox Partners Investment Management LLC owned approximately 0.50% of Precision Drilling worth $6,415,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. FIL Ltd grew its stake in Precision Drilling by 27,294.7% in the 4th quarter. FIL Ltd now owns 850,331 shares of the oil and gas company’s stock worth $61,017,000 after buying an additional 847,227 shares in the last quarter. National Bank of Canada FI grew its position in Precision Drilling by 0.6% in the third quarter. National Bank of Canada FI now owns 735,460 shares of the oil and gas company’s stock worth $41,265,000 after acquiring an additional 4,236 shares in the last quarter. Aegis Financial Corp increased its stake in Precision Drilling by 11.4% in the fourth quarter. Aegis Financial Corp now owns 504,059 shares of the oil and gas company’s stock valued at $36,221,000 after acquiring an additional 51,700 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in Precision Drilling by 24.9% during the third quarter. Arrowstreet Capital Limited Partnership now owns 483,937 shares of the oil and gas company’s stock valued at $27,262,000 after purchasing an additional 96,339 shares in the last quarter. Finally, Hillsdale Investment Management Inc. bought a new stake in Precision Drilling during the fourth quarter worth about $20,979,000. 48.86% of the stock is owned by hedge funds and other institutional investors.

Precision Drilling Trading Down 0.1%

Precision Drilling stock opened at $76.75 on Wednesday. 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 business’s fifty day moving average is $91.07 and its 200 day moving average is $86.25. Precision Drilling Corporation has a one year low of $46.44 and a one year high of $103.80. The stock has a market capitalization of $991.64 million, a PE ratio of -81.65 and a beta of 0.76.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PDS. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Precision Drilling in a report on Friday, May 1st. BMO Capital Markets reaffirmed an “outperform” rating on shares of Precision Drilling in a research note on Thursday, April 30th. Weiss Ratings lowered shares of Precision Drilling from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, June 23rd. Royal Bank Of Canada lifted their target price on shares of Precision Drilling from $124.00 to $140.00 and gave the stock an “outperform” rating in a research report on Monday, March 23rd. Finally, TD Securities restated a “hold” rating on shares of Precision Drilling in a research report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Precision Drilling currently has an average 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.