Precision Drilling Co. (NYSE:PDS) (TSE:PD) was the target of a significant drop in short interest in the month of April. As of April 15th, there was short interest totalling 278,400 shares, a drop of 19.0% from the March 31st total of 343,600 shares. Approximately 2.1% of the company’s stock are short sold. Based on an average daily volume of 106,900 shares, the days-to-cover ratio is currently 2.6 days.
Institutional investors have recently added to or reduced their stakes in the stock. Schroder Investment Management Group purchased a new position in Precision Drilling during the fourth quarter worth about $25,000. Squarepoint Ops LLC purchased a new position in Precision Drilling during the third quarter worth about $34,000. Marshall Wace LLP purchased a new position in Precision Drilling during the first quarter worth about $36,000. Cubist Systematic Strategies LLC raised its position in Precision Drilling by 23.1% in the third quarter. Cubist Systematic Strategies LLC now owns 127,180 shares of the oil and gas company’s stock worth $79,000 after acquiring an additional 23,851 shares during the period. Finally, Paloma Partners Management Co bought a new stake in Precision Drilling in the fourth quarter worth about $176,000.
Shares of NYSE PDS traded up $0.31 during mid-day trading on Tuesday, reaching $25.99. 52,932 shares of the company’s stock traded hands, compared to its average volume of 104,484. Precision Drilling has a 1-year low of $9.00 and a 1-year high of $28.82. The stock has a market cap of $345.77 million, a P/E ratio of -5.91 and a beta of 3.20. The business has a 50-day simple moving average of $24.12 and a 200 day simple moving average of $20.90. The company has a debt-to-equity ratio of 0.93, a current ratio of 2.36 and a quick ratio of 2.18.
A number of equities research analysts have commented on PDS shares. Royal Bank of Canada raised their price target on shares of Precision Drilling from $32.00 to $42.00 and gave the stock an “outperform” rating in a report on Thursday, February 11th. Piper Sandler raised their price target on shares of Precision Drilling from $26.00 to $33.00 and gave the stock a “neutral” rating in a report on Wednesday, April 28th. CIBC started coverage on shares of Precision Drilling in a report on Tuesday, January 19th. They issued an “outperform” rating for the company. BMO Capital Markets restated a “buy” rating and issued a $45.00 price target on shares of Precision Drilling in a report on Friday, April 23rd. Finally, National Bank Financial upgraded shares of Precision Drilling from a “sector perform” rating to an “outperform” rating in a report on Thursday, April 15th. Six investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Precision Drilling currently has an average rating of “Buy” and a consensus target price of $30.00.
About Precision Drilling
Precision Drilling Corporation, an oilfield services company, provides oil and natural gas drilling and related products and services in North America and the Middle East. 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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