NewGen Asset Management Ltd Increases Stock Holdings in Precision Drilling Co. (NYSE:PDS)

NewGen Asset Management Ltd boosted its holdings in Precision Drilling Co. (NYSE:PDS) (TSE:PD) by 27.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 123,970 shares of the oil and gas company’s stock after acquiring an additional 27,000 shares during the period. Precision Drilling accounts for about 3.5% of NewGen Asset Management Ltd’s investment portfolio, making the stock its 12th largest position. NewGen Asset Management Ltd owned about 0.86% of Precision Drilling worth $6,730,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Ninepoint Partners LP acquired a new position in shares of Precision Drilling in the fourth quarter worth $74,649,000. Acadian Asset Management LLC raised its stake in Precision Drilling by 95.0% in the 3rd quarter. Acadian Asset Management LLC now owns 466,048 shares of the oil and gas company’s stock valued at $31,344,000 after purchasing an additional 227,077 shares during the last quarter. American Century Companies Inc. raised its stake in Precision Drilling by 1,501.2% in the 3rd quarter. American Century Companies Inc. now owns 223,116 shares of the oil and gas company’s stock valued at $14,950,000 after purchasing an additional 209,182 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Precision Drilling by 172.3% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 188,400 shares of the oil and gas company’s stock valued at $12,623,000 after buying an additional 119,200 shares during the period. Finally, Wellington Management Group LLP purchased a new position in shares of Precision Drilling during the 3rd quarter worth $4,638,000. 48.86% of the stock is currently owned by hedge funds and other institutional investors.

Precision Drilling Trading Up 1.7 %

Shares of NYSE:PDS traded up $1.20 during trading on Friday, reaching $71.12. 53,543 shares of the stock were exchanged, compared to its average volume of 94,718. The firm’s 50-day moving average price is $67.23 and its 200 day moving average price is $60.93. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of 6.25 and a beta of 2.08. Precision Drilling Co. has a 12-month low of $41.56 and a 12-month high of $77.21. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.59 and a current ratio of 1.71.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings data on Thursday, April 25th. The oil and gas company reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.00 by ($0.12). Precision Drilling had a return on equity of 10.10% and a net margin of 12.00%. The business had revenue of $391.51 million for the quarter, compared to analysts’ expectations of $399.44 million. On average, sell-side analysts anticipate that Precision Drilling Co. will post 6.49 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have commented on PDS shares. Piper Sandler lowered their price target on Precision Drilling from $100.00 to $81.00 and set an “overweight” rating for the company in a report on Tuesday, February 20th. StockNews.com downgraded shares of Precision Drilling from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $115.17.

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.