Precision Drilling (NYSE:PDS) Shares Up 6.1% – Here’s Why

Precision Drilling Co. (NYSE:PDS) (TSE:PD) shot up 6.1% during trading on Tuesday . The company traded as high as $67.22 and last traded at $67.19. 44,165 shares changed hands during trading, a decline of 25% from the average session volume of 58,870 shares. The stock had previously closed at $63.33.

Precision Drilling Trading Up 5.6 %

The company has a 50 day simple moving average of $61.34 and a two-hundred day simple moving average of $65.33. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.41 and a current ratio of 1.54. The company has a market cap of $933.10 million, a PE ratio of 5.65 and a beta of 1.93.

Hedge Funds Weigh In On Precision Drilling

A number of hedge funds have recently modified their holdings of the stock. US Bancorp DE lifted its stake in Precision Drilling by 56.6% in the third quarter. US Bancorp DE now owns 603 shares of the oil and gas company’s stock valued at $37,000 after acquiring an additional 218 shares during the last quarter. Signaturefd LLC lifted its stake in shares of Precision Drilling by 19.9% in the 3rd quarter. Signaturefd LLC now owns 1,660 shares of the oil and gas company’s stock valued at $102,000 after purchasing an additional 276 shares during the last quarter. Blue Trust Inc. boosted its holdings in Precision Drilling by 283.7% in the third quarter. Blue Trust Inc. now owns 2,003 shares of the oil and gas company’s stock worth $123,000 after purchasing an additional 1,481 shares in the last quarter. Squarepoint Ops LLC acquired a new position in Precision Drilling during the second quarter worth $210,000. Finally, Barclays PLC raised its holdings in Precision Drilling by 1,579.0% during the third quarter. Barclays PLC now owns 3,358 shares of the oil and gas company’s stock valued at $207,000 after buying an additional 3,158 shares in the last quarter. 48.86% of the stock is owned by institutional investors and hedge funds.

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.