Precision Drilling Corporation (PDS) Stake Maintained by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. maintained its stake in Precision Drilling Corporation (NYSE:PDS) (TSE:PD) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,439,725 shares of the oil and gas company’s stock at the end of the 2nd quarter. Letko Brosseau & Associates Inc. owned about 1.17% of Precision Drilling Corporation worth $11,733,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Bank of New York Mellon Corp increased its position in shares of Precision Drilling Corporation by 2.4% during the first quarter. Bank of New York Mellon Corp now owns 84,060 shares of the oil and gas company’s stock valued at $396,000 after acquiring an additional 1,938 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Precision Drilling Corporation by 0.4% during the first quarter. Dimensional Fund Advisors LP now owns 598,357 shares of the oil and gas company’s stock valued at $2,824,000 after acquiring an additional 2,600 shares during the last quarter. Legal & General Group Plc increased its position in shares of Precision Drilling Corporation by 0.8% during the first quarter. Legal & General Group Plc now owns 455,424 shares of the oil and gas company’s stock valued at $2,146,000 after acquiring an additional 3,566 shares during the last quarter. Princeton Alpha Management LP increased its position in shares of Precision Drilling Corporation by 18.3% during the first quarter. Princeton Alpha Management LP now owns 37,809 shares of the oil and gas company’s stock valued at $178,000 after acquiring an additional 5,861 shares during the last quarter. Finally, Ferguson Wellman Capital Management Inc. increased its position in shares of Precision Drilling Corporation by 1.0% during the second quarter. Ferguson Wellman Capital Management Inc. now owns 915,680 shares of the oil and gas company’s stock valued at $3,122,000 after acquiring an additional 8,990 shares during the last quarter. Institutional investors and hedge funds own 61.45% of the company’s stock.

PDS has been the subject of several recent research reports. BidaskClub raised shares of Precision Drilling Corporation from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 13th. Jefferies Group LLC set a $6.00 price objective on shares of Precision Drilling Corporation and gave the company a “buy” rating in a research note on Tuesday, June 6th. Wolfe Research lowered shares of Precision Drilling Corporation from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 6th. Piper Jaffray Companies lowered shares of Precision Drilling Corporation from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $5.00 to $3.25 in a research note on Thursday, June 29th. Finally, Morgan Stanley lowered shares of Precision Drilling Corporation from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $9.00 to $4.50 in a research note on Wednesday, June 21st. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $6.21.

Shares of Precision Drilling Corporation (NYSE PDS) traded down 0.35% on Friday, reaching $2.86. 725,676 shares of the company were exchanged. Precision Drilling Corporation has a 1-year low of $2.38 and a 1-year high of $6.25. The stock’s market capitalization is $838.66 million. The company has a 50-day moving average price of $2.76 and a 200 day moving average price of $3.65.

Precision Drilling Corporation (NYSE:PDS) (TSE:PD) last issued its quarterly earnings data on Monday, July 31st. The oil and gas company reported ($0.09) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.16) by $0.07. Precision Drilling Corporation had a negative net margin of 12.38% and a negative return on equity of 7.10%. The company had revenue of $275.52 million during the quarter, compared to the consensus estimate of $271.33 million. During the same quarter last year, the company earned ($0.20) earnings per share. Precision Drilling Corporation’s revenue for the quarter was up 68.0% on a year-over-year basis. On average, analysts forecast that Precision Drilling Corporation will post ($0.33) EPS for the current fiscal year.

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About Precision Drilling Corporation

Precision Drilling Corporation (Precision) is an oilfield services company. The Company provides onshore drilling and completion and production services to exploration and production companies in the oil and natural gas industry. The Company operates through two segments: Contract Drilling Services, and Completion and Production Services.

Institutional Ownership by Quarter for Precision Drilling Corporation (NYSE:PDS)

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