Precision Drilling (NYSE:PDS) Sees Strong Trading Volume – Time to Buy?

Precision Drilling Co. (NYSE:PDS) (TSE:PD) shares saw unusually-high trading volume on Wednesday . Approximately 146,415 shares changed hands during trading, an increase of 92% from the previous session’s volume of 76,223 shares.The stock last traded at $47.61 and had previously closed at $47.78.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. TD Securities lowered Precision Drilling from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. StockNews.com downgraded shares of Precision Drilling from a “buy” rating to a “hold” rating in a research note on Monday, March 24th.

Precision Drilling Price Performance

The company has a market cap of $536.11 million, a PE ratio of 7.36 and a beta of 1.53. The company has a quick ratio of 1.35, a current ratio of 1.48 and a debt-to-equity ratio of 0.48. The stock has a 50-day simple moving average of $51.03 and a 200 day simple moving average of $58.33.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its quarterly earnings data on Wednesday, February 12th. The oil and gas company reported $0.76 EPS for the quarter, missing the consensus estimate of $1.40 by ($0.64). Precision Drilling had a return on equity of 6.72% and a net margin of 5.87%. Equities analysts expect that Precision Drilling Co. will post 7.1 EPS for the current year.

Hedge Funds Weigh In On Precision Drilling

A number of hedge funds and other institutional investors have recently bought and sold shares of PDS. Arrowstreet Capital Limited Partnership lifted its position in shares of Precision Drilling by 3,575.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 153,800 shares of the oil and gas company’s stock worth $9,395,000 after purchasing an additional 149,616 shares in the last quarter. Bank of Montreal Can boosted its position in Precision Drilling by 28.0% in the 4th quarter. Bank of Montreal Can now owns 602,954 shares of the oil and gas company’s stock valued at $36,832,000 after buying an additional 131,843 shares during the period. Millennium Management LLC grew its stake in shares of Precision Drilling by 235.8% in the fourth quarter. Millennium Management LLC now owns 157,433 shares of the oil and gas company’s stock worth $9,621,000 after acquiring an additional 110,546 shares in the last quarter. Bank of America Corp DE increased its position in shares of Precision Drilling by 33.3% during the fourth quarter. Bank of America Corp DE now owns 396,072 shares of the oil and gas company’s stock worth $24,188,000 after acquiring an additional 98,836 shares during the period. Finally, Grantham Mayo Van Otterloo & Co. LLC raised its stake in shares of Precision Drilling by 190.0% in the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 81,500 shares of the oil and gas company’s stock valued at $4,982,000 after acquiring an additional 53,400 shares in the last quarter. 48.86% of the stock is currently owned by hedge funds and other institutional investors.

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.