Precision Drilling Co. (NYSE:PDS) Holdings Lifted by Bank of America Corp DE

Bank of America Corp DE increased its position in shares of Precision Drilling Co. (NYSE:PDS) (TSE:PD) by 33.3% during the fourth quarter, Holdings Channel.com reports. The fund owned 396,072 shares of the oil and gas company’s stock after acquiring an additional 98,836 shares during the quarter. Bank of America Corp DE’s holdings in Precision Drilling were worth $24,188,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Geode Capital Management LLC lifted its position in shares of Precision Drilling by 6.1% during the 4th quarter. Geode Capital Management LLC now owns 7,285 shares of the oil and gas company’s stock valued at $450,000 after acquiring an additional 418 shares during the last quarter. Signaturefd LLC raised its position in shares of Precision Drilling by 30.1% during the fourth quarter. Signaturefd LLC now owns 2,159 shares of the oil and gas company’s stock worth $132,000 after purchasing an additional 499 shares during the period. Jane Street Group LLC lifted its holdings in shares of Precision Drilling by 4.5% during the fourth quarter. Jane Street Group LLC now owns 17,183 shares of the oil and gas company’s stock valued at $1,049,000 after purchasing an additional 743 shares during the last quarter. Nikko Asset Management Americas Inc. lifted its holdings in shares of Precision Drilling by 10.8% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 8,477 shares of the oil and gas company’s stock valued at $518,000 after purchasing an additional 824 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Precision Drilling by 10.8% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 8,477 shares of the oil and gas company’s stock valued at $518,000 after purchasing an additional 824 shares during the period. 48.86% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on PDS. Raymond James downgraded Precision Drilling from a “strong-buy” rating to an “outperform” rating in a report on Wednesday, April 9th. TD Securities cut shares of Precision Drilling from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. Finally, StockNews.com lowered shares of Precision Drilling from a “buy” rating to a “hold” rating in a report on Monday, March 24th.

Precision Drilling Price Performance

PDS opened at $43.40 on Monday. The firm has a market capitalization of $586.90 million, a P/E ratio of 8.07 and a beta of 1.07. The stock has a fifty day moving average of $43.46 and a 200-day moving average of $53.72. The company has a quick ratio of 1.35, a current ratio of 1.48 and a debt-to-equity ratio of 0.48. Precision Drilling Co. has a 12-month low of $36.20 and a 12-month high of $79.07.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings results on Wednesday, April 23rd. The oil and gas company reported $1.53 earnings per share for the quarter, missing the consensus estimate of $1.57 by ($0.04). Precision Drilling had a net margin of 5.87% and a return on equity of 6.72%. The business had revenue of $345.41 million for the quarter, compared to analyst estimates of $508.06 million. Equities analysts forecast that Precision Drilling Co. will post 7.1 EPS for the current fiscal year.

About Precision Drilling

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.