JPMorgan Chase & Co. bought a new stake in Precision Drilling Corp (NYSE:PDS) (TSE:PD) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 308,428 shares of the oil and gas company’s stock, valued at approximately $987,000. JPMorgan Chase & Co. owned about 0.11% of Precision Drilling as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. AGF Investments Inc. grew its holdings in Precision Drilling by 21.7% in the 3rd quarter. AGF Investments Inc. now owns 1,871,291 shares of the oil and gas company’s stock valued at $5,819,000 after buying an additional 334,000 shares during the last quarter. TD Asset Management Inc. grew its holdings in Precision Drilling by 2.3% in the 3rd quarter. TD Asset Management Inc. now owns 5,892,703 shares of the oil and gas company’s stock valued at $18,284,000 after buying an additional 134,087 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Precision Drilling in the 3rd quarter valued at approximately $799,000. Ninepoint Partners LP acquired a new stake in Precision Drilling in the 3rd quarter valued at approximately $5,460,000. Finally, Bank of New York Mellon Corp grew its holdings in Precision Drilling by 11.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 260,207 shares of the oil and gas company’s stock valued at $811,000 after buying an additional 26,758 shares during the last quarter. 49.40% of the stock is currently owned by hedge funds and other institutional investors.
Precision Drilling Corp (PDS) traded down $0.13 during trading on Friday, hitting $3.57. The company had a trading volume of 3,906,849 shares, compared to its average volume of 2,900,000. The company has a debt-to-equity ratio of 0.96, a current ratio of 2.22 and a quick ratio of 2.10. The company has a market cap of $1,050.00, a P/E ratio of -11.16 and a beta of 1.86. Precision Drilling Corp has a 1-year low of $2.26 and a 1-year high of $5.95.
A number of brokerages have commented on PDS. Zacks Investment Research upgraded Precision Drilling from a “sell” rating to a “hold” rating in a research report on Thursday, October 26th. Scotiabank downgraded Precision Drilling from a “sector perform” rating to an “underperform” rating in a research report on Tuesday, November 7th. Piper Jaffray Companies set a $4.00 price objective on Precision Drilling and gave the stock a “buy” rating in a research report on Sunday, October 29th. Deutsche Bank began coverage on Precision Drilling in a research report on Tuesday, October 10th. They issued a “hold” rating and a $4.00 price objective for the company. Finally, Cowen set a $5.00 price objective on Precision Drilling and gave the stock a “buy” rating in a research report on Wednesday, October 18th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $4.73.
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Precision Drilling Profile
Precision Drilling Corporation (Precision) is an oilfield services company. The Company provides onshore drilling and completion and production services to exploration and production companies in the oil and natural gas industry. The Company operates through two segments: Contract Drilling Services, and Completion and Production Services.
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