Precision Drilling (NYSE:PDS) Shares Up 6.1% - Time to Buy?

Precision Drilling Co. (NYSE:PDS - Get Free Report) TSE: PD's stock price shot up 6.1% on Tuesday . The stock traded as high as $67.22 and last traded at $67.19. 44,165 shares changed hands during mid-day trading, a decline of 25% from the average session volume of 58,870 shares. The stock had previously closed at $63.33.

Precision Drilling Price Performance

The firm has a market cap of $923.62 million, a price-to-earnings ratio of 5.60 and a beta of 1.93. The company has a current ratio of 1.54, a quick ratio of 1.41 and a debt-to-equity ratio of 0.47. The stock's fifty day moving average price is $61.34 and its 200-day moving average price is $65.33.

Institutional Investors Weigh In On Precision Drilling

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. National Bank of Canada FI boosted its holdings in 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 during the period. Dimensional Fund Advisors LP grew its position in shares of Precision Drilling by 16.8% during the second quarter. Dimensional Fund Advisors LP now owns 201,625 shares of the oil and gas company's stock worth $14,182,000 after buying an additional 28,947 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Precision Drilling by 8.0% during the second quarter. American Century Companies Inc. now owns 99,979 shares of the oil and gas company's stock worth $7,030,000 after buying an additional 7,436 shares during the period. Polar Asset Management Partners Inc. lifted its stake in 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 worth $4,226,000 after acquiring an additional 36,100 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake in 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 worth $3,961,000 after acquiring an additional 11,331 shares during the last quarter. 48.86% of the stock is owned by hedge funds and other institutional investors.

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.