Precision Drilling Co. (NYSE:PDS) Shares Sold by Ninepoint Partners LP

Ninepoint Partners LP cut its stake in shares of Precision Drilling Co. (NYSE:PDS) (TSE:PD) by 47.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 600,000 shares of the oil and gas company’s stock after selling 550,000 shares during the period. Precision Drilling makes up 5.4% of Ninepoint Partners LP’s holdings, making the stock its 5th biggest holding. Ninepoint Partners LP owned approximately 4.35% of Precision Drilling worth $36,642,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC increased its position in shares of Precision Drilling by 6.6% during the third quarter. Geode Capital Management LLC now owns 6,867 shares of the oil and gas company’s stock valued at $425,000 after acquiring an additional 424 shares during the last quarter. Mountain Lake Investment Management LLC grew its holdings in shares of Precision Drilling by 107.9% in the fourth quarter. Mountain Lake Investment Management LLC now owns 51,981 shares of the oil and gas company’s stock valued at $3,174,000 after purchasing an additional 26,981 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of Precision Drilling by 21.9% in the third quarter. Franklin Resources Inc. now owns 63,114 shares of the oil and gas company’s stock valued at $3,961,000 after purchasing an additional 11,331 shares in the last quarter. National Bank of Canada FI grew its holdings in shares of Precision Drilling by 1.4% in the third quarter. National Bank of Canada FI now owns 726,284 shares of the oil and gas company’s stock valued at $44,740,000 after purchasing an additional 10,318 shares in the last quarter. Finally, Polar Asset Management Partners Inc. grew its holdings in shares of Precision Drilling by 111.1% in the third quarter. Polar Asset Management Partners Inc. now owns 68,600 shares of the oil and gas company’s stock valued at $4,226,000 after purchasing an additional 36,100 shares in the last quarter. 48.86% of the stock is currently owned by institutional investors and hedge funds.

Precision Drilling Stock Up 2.9 %

Shares of Precision Drilling stock opened at $44.64 on Friday. Precision Drilling Co. has a 52-week low of $43.00 and a 52-week high of $79.07. The company has a 50 day moving average of $56.33 and a 200 day moving average of $60.37. 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 company has a market capitalization of $611.97 million, a P/E ratio of 8.30 and a beta of 2.05.

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

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PDS shares. StockNews.com upgraded shares of Precision Drilling from a “hold” rating to a “buy” rating in a report on Sunday. TD Securities cut shares of Precision Drilling from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd.

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.