FIL Ltd Has $77.68 Million Holdings in Precision Drilling Corp (PDS)

FIL Ltd cut its holdings in shares of Precision Drilling Corp (NYSE:PDS) (TSE:PD) by 12.7% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 22,495,639 shares of the oil and gas company’s stock after selling 3,286,044 shares during the period. FIL Ltd owned about 0.08% of Precision Drilling worth $77,676,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of PDS. Millennium Management LLC acquired a new position in shares of Precision Drilling in the first quarter worth $3,062,000. Acadian Asset Management LLC raised its holdings in shares of Precision Drilling by 140.9% in the second quarter. Acadian Asset Management LLC now owns 307,200 shares of the oil and gas company’s stock worth $1,016,000 after acquiring an additional 179,700 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Precision Drilling by 112.1% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 59,537 shares of the oil and gas company’s stock worth $197,000 after acquiring an additional 31,461 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Precision Drilling by 52.9% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,109,816 shares of the oil and gas company’s stock worth $6,977,000 after acquiring an additional 730,166 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Precision Drilling by 138.1% in the second quarter. Bank of New York Mellon Corp now owns 35,916 shares of the oil and gas company’s stock worth $119,000 after acquiring an additional 20,833 shares during the last quarter. 48.59% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities analysts have recently weighed in on PDS shares. TD Securities cut Precision Drilling to a “buy” rating in a report on Wednesday, September 5th. Scotiabank upgraded Precision Drilling from an “underperform” rating to a “sector perform” rating in a research note on Friday, October 26th. Citigroup upgraded Precision Drilling from a “neutral” rating to a “buy” rating in a research note on Monday, November 19th. Zacks Investment Research lowered Precision Drilling from a “hold” rating to a “sell” rating in a research note on Saturday, October 6th. Finally, Jefferies Financial Group set a $5.00 target price on Precision Drilling and gave the company a “buy” rating in a research note on Monday, July 30th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $4.40.

Precision Drilling stock opened at $2.42 on Friday. The firm has a market capitalization of $752.08 million, a P/E ratio of -8.64 and a beta of 2.10. Precision Drilling Corp has a 52 week low of $2.31 and a 52 week high of $4.14. The company has a quick ratio of 1.73, a current ratio of 1.85 and a debt-to-equity ratio of 0.98.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its earnings results on Thursday, October 25th. The oil and gas company reported ($0.08) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.02). The business had revenue of $292.65 million during the quarter, compared to analyst estimates of $306.54 million. Precision Drilling had a negative net margin of 9.77% and a negative return on equity of 6.59%. Research analysts predict that Precision Drilling Corp will post -0.29 EPS for the current year.

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About Precision Drilling

Precision Drilling Corporation provides oil and natural gas drilling and related services and products. The company operates in two segments, Contract Drilling Services, and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry.

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Want to see what other hedge funds are holding PDS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Precision Drilling Corp (NYSE:PDS) (TSE:PD).

Institutional Ownership by Quarter for Precision Drilling (NYSE:PDS)

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