Precision Drilling Co. (NYSE:PDS) Short Interest Down 16.8% in January

Precision Drilling Co. (NYSE:PDS) (TSE:PD) saw a significant decline in short-term interest in January. As of January 31, there was short interest totaling 175,700 shares, a decrease of 16.8% from the total of 211,100 shares as of January 15. Currently, 1.3% of the company’s shares are sold short. Based on an average trading volume of 52,700 shares, the short-term interest rate ratio is currently 3.3 days.

Institutional investors have recently increased or reduced their stake in the company. US Bancorp DE increased its position in Precision Drilling by 88.7% in the third quarter. US Bancorp DE now owns 619 shares of the oil and gas company valued at $25,000 after buying an additional 291 shares during the period. Verdad Advisers LP acquired a new stake in Precision Drilling in Q4, valued at approximately $37,000. Ahrens Investment Partners LLC acquired a new stake in Precision Drilling in Q4, valued at approximately $39,000. Marshall Wace LLP acquired a new stake in Precision Drilling in Q4 valued at approximately $61,000. Finally, Deutsche Bank AG increased its position in Precision Drilling by 1,144.0% in the 2nd quarter. Deutsche Bank AG now owns 3,732 shares in the oil and gas company valued at $156,000 after buying 3,432 additional shares during the period. 41.15% of the shares are held by institutional investors.

NYSE: PDS traded down $0.65 during Friday’s midday session, hitting $57.22. 3,039 shares of the stock have been traded, compared to its average volume of 77,923. The stock has a market capitalization of $761.25 million, a price-to-earnings ratio of -5.19 and a beta of 2.99. Precision Drilling has a 52-week low of $19.65 and a 52-week high of $59.09. The company’s 50-day moving average is $41.08 and its two-hundred-day moving average is $37.93. The company has a quick ratio of 1.45, a current ratio of 1.57 and a leverage ratio of 0.93.

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Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly results on Thursday, February 10. The oil and gas company reported ($2.05) EPS for the quarter, missing the consensus estimate of ($1.80) by ($0.25). The company posted revenue of $295.20 million for the quarter, versus a consensus estimate of $285.08 million. Precision Drilling recorded a negative net margin of 21.12% and a negative return on equity of 14.34%. The company’s revenue for the quarter increased 46.4% year over year. In the same quarter a year earlier, the company posted ($2.10) earnings per share. As a group, research analysts predict Precision Drilling will post -9.74 EPS for the current year.

PDS has been the subject of a number of research analyst reports. Royal Bank of Canada raised its price target on Precision Drilling shares from C$71.00 to C$81.00 in a Friday, February 11 research report. Zacks Investment Research moved shares of Precision Drilling from a “sell” rating to a “hold” rating in a Wednesday, January 12 research report. BMO Capital Markets raised its price target on shares of Precision Drilling from C$65.00 to C$75.00 in a Friday, February 11 research note. Stifel Nicolaus raised his price target on Precision Drilling shares from C$75.00 to C$80.00 in a research note on Wednesday. Finally, CIBC raised its price target on shares of Precision Drilling from C$65.00 to C$70.00 in a Friday, February 11 research note. Four analysts gave the stock a hold rating and nine gave the company a buy rating. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $67.73.

About Precision Drilling

Precision Drilling Corp. provides onshore drilling, completion and production services to the oil and natural gas industry. It operates through the following segments: Contract Drilling Services; and completion and production services. The Contract Drilling Services segment includes drilling rigs, directional drilling, supply and distribution of oilfield supplies, as well as the manufacture, sale and repair of drilling equipment.

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