Precision Drilling Co. (NYSE:PDS) Sees Significant Growth in Short Interest

Precision Drilling Co. (NYSE:PDS) (TSE:PD) was the target of a significant increase in short interest during the month of March. As of March 15th, there was short interest totalling 337,300 shares, an increase of 26.0% from the February 28th total of 267,700 shares. Approximately 2.6% of the company’s stock are short sold. Based on an average daily volume of 101,200 shares, the days-to-cover ratio is presently 3.3 days.

Precision Drilling Price Performance

NYSE PDS traded up $0.34 during trading on Wednesday, reaching $48.12. The company’s stock had a trading volume of 226,135 shares, compared to its average volume of 76,366. Precision Drilling has a one year low of $43.00 and a one year high of $79.07. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.48 and a quick ratio of 1.35. The stock has a market capitalization of $651.93 million, a PE ratio of 8.94 and a beta of 2.05. The firm has a fifty day moving average of $51.43 and a 200 day moving average of $58.43.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Precision Drilling by 2.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,388 shares of the oil and gas company’s stock valued at $695,000 after acquiring an additional 250 shares during the last quarter. Geode Capital Management LLC raised its position in Precision Drilling by 6.1% in the 4th quarter. Geode Capital Management LLC now owns 7,285 shares of the oil and gas company’s stock worth $450,000 after purchasing an additional 418 shares during the period. Signaturefd LLC lifted its stake in Precision Drilling by 30.1% in 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 last quarter. Jane Street Group LLC increased its stake in Precision Drilling by 4.5% in the 4th quarter. Jane Street Group LLC now owns 17,183 shares of the oil and gas company’s stock worth $1,049,000 after purchasing an additional 743 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in 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 worth $518,000 after acquiring an additional 824 shares during the last quarter. 48.86% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PDS has been the subject of a number of research analyst reports. StockNews.com downgraded Precision Drilling from a “buy” rating to a “hold” rating in a research report on Monday, March 24th. TD Securities downgraded shares of Precision Drilling from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd.

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.