Precision Drilling Co. (NYSE:PDS) Short Interest Down 22.1% in October

Precision Drilling Co. (NYSE:PDS) (TSE:PD) was the recipient of a large decrease in short interest in the month of October. As of October 15th, there was short interest totalling 184,100 shares, a decrease of 22.1% from the September 30th total of 236,200 shares. Currently, 1.3% of the shares of the company are sold short. Based on an average daily volume of 57,000 shares, the days-to-cover ratio is currently 3.2 days.

Institutional Investors Weigh In On Precision Drilling

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP grew its position in shares of Precision Drilling by 25.0% in the fourth quarter. Wellington Management Group LLP now owns 86,114 shares of the oil and gas company’s stock valued at $4,700,000 after purchasing an additional 17,214 shares in the last quarter. Hartree Partners LP increased its position in shares of Precision Drilling by 113.3% during the first quarter. Hartree Partners LP now owns 80,000 shares of the oil and gas company’s stock valued at $5,384,000 after buying an additional 42,500 shares during the period. Swiss National Bank increased its position in shares of Precision Drilling by 6.3% during the first quarter. Swiss National Bank now owns 28,600 shares of the oil and gas company’s stock valued at $1,923,000 after buying an additional 1,700 shares during the period. Aegis Financial Corp purchased a new stake in shares of Precision Drilling in the first quarter worth about $6,124,000. Finally, O Shaughnessy Asset Management LLC grew its stake in Precision Drilling by 27.3% during the first quarter. O Shaughnessy Asset Management LLC now owns 29,549 shares of the oil and gas company’s stock valued at $1,989,000 after acquiring an additional 6,328 shares in the last quarter. Institutional investors own 48.86% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Piper Sandler raised their price objective on shares of Precision Drilling from $95.00 to $112.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. StockNews.com raised shares of Precision Drilling from a “hold” rating to a “buy” rating in a report on Thursday, August 1st.

Precision Drilling Stock Performance

Shares of NYSE PDS traded down $0.93 during trading on Monday, reaching $57.92. 61,372 shares of the stock traded hands, compared to its average volume of 66,349. The company has a 50-day moving average of $64.75 and a 200-day moving average of $68.28. Precision Drilling has a 52-week low of $49.67 and a 52-week high of $79.07. The stock has a market capitalization of $828.37 million, a P/E ratio of 5.09 and a beta of 1.96. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.51 and a quick ratio of 1.39.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $1.44 EPS for the quarter, beating the consensus estimate of ($0.62) by $2.06. The business had revenue of $429.20 million for the quarter, compared to the consensus estimate of $310.13 million. Precision Drilling had a net margin of 11.68% and a return on equity of 9.26%. The company’s revenue was up .8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.21 earnings per share. Analysts forecast that Precision Drilling will post 6.57 EPS for the current fiscal year.

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.