Connor Clark & Lunn Investment Management Ltd. Reduces Position in Precision Drilling Co. (NYSE:PDS)

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in Precision Drilling Co. (NYSE:PDS) (TSE:PD) by 51.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,300 shares of the oil and gas company’s stock after selling 20,700 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Precision Drilling were worth $1,188,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Blue Trust Inc. lifted its stake in Precision Drilling by 2,800.0% in the 2nd quarter. Blue Trust Inc. now owns 522 shares of the oil and gas company’s stock worth $35,000 after purchasing an additional 504 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Precision Drilling by 14.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,270 shares of the oil and gas company’s stock worth $300,000 after buying an additional 545 shares during the last quarter. Signaturefd LLC raised its holdings in Precision Drilling by 32.6% in the 2nd quarter. Signaturefd LLC now owns 1,384 shares of the oil and gas company’s stock valued at $97,000 after buying an additional 340 shares during the period. Nicola Wealth Management LTD. lifted its holdings in shares of Precision Drilling by 75.0% in the 2nd quarter. Nicola Wealth Management LTD. now owns 28,000 shares of the oil and gas company’s stock worth $1,970,000 after acquiring an additional 12,000 shares during the last quarter. Finally, Ritholtz Wealth Management increased its position in shares of Precision Drilling by 151.7% during the second quarter. Ritholtz Wealth Management now owns 10,661 shares of the oil and gas company’s stock worth $750,000 after acquiring an additional 6,425 shares during the period. 48.86% of the stock is currently owned by institutional investors and hedge funds.

Precision Drilling Trading Down 4.6 %

NYSE PDS opened at $61.60 on Wednesday. The firm’s fifty day moving average price is $62.57 and its 200 day moving average price is $67.29. Precision Drilling Co. has a 12 month low of $49.67 and a 12 month high of $79.07. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.54 and a quick ratio of 1.41. The company has a market capitalization of $866.53 million, a price-to-earnings ratio of 5.21 and a beta of 1.97.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PDS. StockNews.com raised Precision Drilling from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. Piper Sandler boosted their target price on Precision Drilling from $95.00 to $112.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd.

Precision Drilling 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.