Pacific Drilling SA (NYSE:PACD) saw a significant increase in short interest in August. As of August 31st, there was short interest totalling 823,500 shares, an increase of 41.4% from the July 31st total of 582,200 shares. Currently, 1.2% of the company’s stock are short sold. Based on an average daily volume of 169,400 shares, the days-to-cover ratio is currently 4.9 days.
PACD stock traded up $0.24 during midday trading on Friday, reaching $6.12. 465,649 shares of the company were exchanged, compared to its average volume of 85,730. The company has a quick ratio of 7.94, a current ratio of 8.74 and a debt-to-equity ratio of 0.72. Pacific Drilling has a 1-year low of $3.66 and a 1-year high of $9,500.00. The stock’s 50-day simple moving average is $6.24 and its 200 day simple moving average is $11.77.
A number of hedge funds have recently added to or reduced their stakes in PACD. NYL Investors LLC acquired a new stake in Pacific Drilling during the first quarter worth approximately $2,111,000. FMR LLC grew its position in shares of Pacific Drilling by 4.0% during the first quarter. FMR LLC now owns 5,949,980 shares of the company’s stock worth $84,371,000 after acquiring an additional 226,470 shares during the last quarter. Wells Fargo & Company MN purchased a new position in shares of Pacific Drilling during the second quarter worth approximately $176,000. Bank of Montreal Can purchased a new position in shares of Pacific Drilling during the second quarter worth approximately $31,000. Finally, Trexquant Investment LP purchased a new position in shares of Pacific Drilling during the second quarter worth approximately $137,000. 86.16% of the stock is currently owned by institutional investors.
Pacific Drilling SA, together with its subsidiaries, operates as an offshore drilling contractor. It provides offshore drilling services to the oil and natural gas industry. The company contracts its fleet of rigs to drill wells for its customers. It has a fleet of seven drillships. The company was founded in 2006 and is headquartered in Houston, Texas.
Further Reading: Sell-Side Analysts
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