Ninepoint Partners LP Invests $74.65 Million in Precision Drilling Co. (NYSE:PDS)

Ninepoint Partners LP purchased a new position in Precision Drilling Co. (NYSE:PDS) (TSE:PD) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 1,375,000 shares of the oil and gas company’s stock, valued at approximately $74,649,000. Precision Drilling makes up about 8.0% of Ninepoint Partners LP’s investment portfolio, making the stock its 4th biggest holding. Ninepoint Partners LP owned about 0.10% of Precision Drilling as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its position in Precision Drilling by 9.0% in the 1st quarter. JPMorgan Chase & Co. now owns 52,619 shares of the oil and gas company’s stock valued at $3,890,000 after acquiring an additional 4,346 shares in the last quarter. BlackRock Inc. lifted its position in Precision Drilling by 18.4% in the 1st quarter. BlackRock Inc. now owns 7,081 shares of the oil and gas company’s stock valued at $523,000 after acquiring an additional 1,101 shares in the last quarter. Great West Life Assurance Co. Can bought a new position in Precision Drilling in the 1st quarter valued at approximately $27,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp bought a new position in Precision Drilling in the 1st quarter valued at approximately $3,499,000. Finally, Cibc World Market Inc. lifted its position in Precision Drilling by 13.5% in the 1st quarter. Cibc World Market Inc. now owns 7,704 shares of the oil and gas company’s stock valued at $569,000 after acquiring an additional 917 shares in the last quarter. 48.86% of the stock is owned by institutional investors.

Precision Drilling Stock Performance

PDS traded down $0.08 during mid-day trading on Friday, reaching $67.31. 17,626 shares of the company traded hands, compared to its average volume of 82,694. The stock has a market capitalization of $974.65 million, a P/E ratio of 4.99 and a beta of 2.11. The company has a quick ratio of 1.30, a current ratio of 1.40 and a debt-to-equity ratio of 0.58. The company’s fifty day moving average price is $65.54 and its 200-day moving average price is $60.31. Precision Drilling Co. has a 52-week low of $41.56 and a 52-week high of $77.21.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its earnings results on Tuesday, February 6th. The oil and gas company reported $3.45 earnings per share for the quarter, beating analysts’ consensus estimates of $2.09 by $1.36. The business had revenue of $372.34 million during the quarter, compared to analyst estimates of $355.78 million. Precision Drilling had a net margin of 14.87% and a return on equity of 14.81%. On average, sell-side analysts expect that Precision Drilling Co. will post 6.82 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Piper Sandler lowered their price objective on Precision Drilling from $100.00 to $81.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 20th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Precision Drilling has an average rating of “Buy” and a consensus target price of $115.17.

Precision Drilling Company Profile

Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates through Contract Drilling Services and Completion and Production Services segments.