Precision Drilling Co. (NYSE:PDS) Sees Large Growth in Short Interest

Precision Drilling Co. (NYSE:PDS) (TSE:PD) was the target of a significant increase in short interest in February. As of February 28th, there was short interest totalling 267,700 shares, an increase of 18.1% from the February 13th total of 226,700 shares. Based on an average trading volume of 96,200 shares, the short-interest ratio is presently 2.8 days. Currently, 2.0% of the company’s stock are short sold.

Precision Drilling Stock Up 2.1 %

Shares of PDS stock traded up $0.92 on Wednesday, reaching $45.42. 34,890 shares of the stock were exchanged, compared to its average volume of 70,577. The company has a current ratio of 1.48, a quick ratio of 1.35 and a debt-to-equity ratio of 0.48. The business’s 50 day moving average price is $55.53 and its 200 day moving average price is $59.88. The company has a market capitalization of $622.62 million, a price-to-earnings ratio of 8.44 and a beta of 2.05. Precision Drilling has a twelve month low of $43.00 and a twelve month high of $79.07.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its earnings results on Wednesday, February 12th. The oil and gas company reported $0.76 EPS for the quarter, missing analysts’ consensus estimates of $1.40 by ($0.64). Precision Drilling had a return on equity of 6.72% and a net margin of 5.87%. As a group, sell-side analysts expect that Precision Drilling will post 7.1 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have commented on PDS. StockNews.com upgraded shares of Precision Drilling from a “hold” rating to a “buy” rating in a research note on Sunday. TD Securities downgraded shares of Precision Drilling from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd.

Hedge Funds Weigh In On Precision Drilling

A number of institutional investors and hedge funds have recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Precision Drilling by 2.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,388 shares of the oil and gas company’s stock valued at $695,000 after acquiring an additional 250 shares in the last quarter. SG Capital Management LLC acquired a new position in Precision Drilling in the fourth quarter valued at $1,779,000. SIR Capital Management L.P. boosted its stake in Precision Drilling by 10.3% in the fourth quarter. SIR Capital Management L.P. now owns 130,078 shares of the oil and gas company’s stock valued at $7,955,000 after acquiring an additional 12,100 shares in the last quarter. Millennium Management LLC boosted its stake in Precision Drilling by 235.8% in the fourth quarter. Millennium Management LLC now owns 157,433 shares of the oil and gas company’s stock valued at $9,621,000 after acquiring an additional 110,546 shares in the last quarter. Finally, Graham Capital Management L.P. acquired a new position in Precision Drilling in the fourth quarter valued at $346,000. Institutional investors and hedge funds own 48.86% of the company’s stock.

About Precision Drilling

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.