Precision Drilling Co. (NYSE:PDS) Short Interest Down 20.4% in July

Precision Drilling Co. (NYSE:PDS - Get Free Report) TSE: PD saw a large decline in short interest in the month of July. As of July 31st, there was short interest totalling 347,500 shares, a decline of 20.4% from the July 15th total of 436,400 shares. Approximately 2.5% of the shares of the company are sold short. Based on an average daily volume of 51,200 shares, the short-interest ratio is currently 6.8 days.

Analyst Ratings Changes

Several equities analysts have issued reports on PDS shares. StockNews.com upgraded Precision Drilling from a "hold" rating to a "buy" rating in a research report on Thursday, August 1st. Piper Sandler lowered their price target on Precision Drilling from $101.00 to $95.00 and set an "overweight" rating on the stock in a report on Monday, July 15th. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Precision Drilling currently has an average rating of "Moderate Buy" and an average price target of $118.33.

Institutional Investors Weigh In On Precision Drilling

Large investors have recently bought and sold shares of the stock. Ninepoint Partners LP acquired a new stake in Precision Drilling during the 4th quarter valued at $74,649,000. Greatmark Investment Partners Inc. lifted its stake in shares of Precision Drilling by 25.1% during the 4th quarter. Greatmark Investment Partners Inc. now owns 59,627 shares of the oil and gas company's stock worth $3,237,000 after purchasing an additional 11,955 shares during the period. Franklin Resources Inc. lifted its stake in shares of Precision Drilling by 8.1% during the 4th quarter. Franklin Resources Inc. now owns 48,957 shares of the oil and gas company's stock worth $2,658,000 after purchasing an additional 3,683 shares during the period. Intact Investment Management Inc. lifted its stake in shares of Precision Drilling by 4.8% during the 4th quarter. Intact Investment Management Inc. now owns 85,850 shares of the oil and gas company's stock worth $4,662,000 after purchasing an additional 3,900 shares during the period. Finally, Aigen Investment Management LP purchased a new position in shares of Precision Drilling during the 4th quarter worth $244,000. Institutional investors and hedge funds own 48.86% of the company's stock.

Precision Drilling Price Performance

Shares of PDS traded down $0.90 on Friday, reaching $69.89. The stock had a trading volume of 24,898 shares, compared to its average volume of 69,786. The firm has a market capitalization of $999.57 million, a PE ratio of 6.14 and a beta of 2.03. The company has a quick ratio of 1.39, a current ratio of 1.51 and a debt-to-equity ratio of 0.52. The firm has a 50-day moving average of $70.09 and a 200 day moving average of $68.15. Precision Drilling has a twelve month low of $49.67 and a twelve month high of $79.07.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last announced its earnings results on Tuesday, July 30th. The oil and gas company reported $1.44 EPS for the quarter, beating analysts' consensus estimates of ($0.62) by $2.06. The firm had revenue of $429.20 million for the quarter, compared to analysts' expectations of $310.13 million. Precision Drilling had a return on equity of 9.26% and a net margin of 11.68%. Precision Drilling's quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.21 EPS. Sell-side analysts expect that Precision Drilling will post 5.17 EPS for the current year.

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.