Precision Drilling Corporation $PDS Shares Sold by Spark Investment Management LLC

Spark Investment Management LLC cut its stake in Precision Drilling Corporation (NYSE:PDS) (TSE:PD) by 41.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,000 shares of the oil and gas company’s stock after selling 10,000 shares during the period. Precision Drilling makes up about 2.1% of Spark Investment Management LLC’s holdings, making the stock its 14th largest holding. Spark Investment Management LLC’s holdings in Precision Drilling were worth $1,074,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in PDS. FIL Ltd lifted its position in Precision Drilling by 27,294.7% during the fourth 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 boosted its stake in Precision Drilling by 0.6% during 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 buying an additional 4,236 shares during the last quarter. Aegis Financial Corp grew its holdings in Precision Drilling by 11.4% in the 4th quarter. Aegis Financial Corp now owns 504,059 shares of the oil and gas company’s stock valued at $36,221,000 after buying an additional 51,700 shares in the last quarter. Hillsdale Investment Management Inc. grew its holdings in Precision Drilling by 67.0% in the 1st quarter. Hillsdale Investment Management Inc. now owns 487,434 shares of the oil and gas company’s stock valued at $47,957,000 after buying an additional 195,598 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of Precision Drilling by 24.9% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 483,937 shares of the oil and gas company’s stock worth $27,262,000 after acquiring an additional 96,339 shares during the last quarter. Institutional investors and hedge funds own 48.86% of the company’s stock.

Precision Drilling Trading Up 0.8%

Shares of NYSE PDS traded up $0.76 during mid-day trading on Tuesday, reaching $90.68. 56,730 shares of the company’s stock were exchanged, compared to its average volume of 119,232. The company’s 50-day moving average is $83.11 and its 200-day moving average is $88.83. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.29 and a current ratio of 1.46. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of -43.39 and a beta of 0.81. Precision Drilling Corporation has a 52-week low of $53.42 and a 52-week high of $103.80.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its quarterly earnings data on Tuesday, July 28th. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.81). Precision Drilling had a negative net margin of 1.68% and a positive return on equity of 2.11%. The company had revenue of $319.15 million during the quarter, compared to analysts’ expectations of $310.70 million. Analysts expect that Precision Drilling Corporation will post 4.62 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PDS. Weiss Ratings lowered Precision Drilling from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, June 23rd. Zacks Research lowered shares of Precision Drilling from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 1st. Finally, Wall Street Zen cut shares of Precision Drilling from a “buy” rating to a “hold” rating in a research report on Sunday, August 9th. One 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $122.33.

Precision Drilling 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.