Sumitomo Mitsui Trust Group Inc. Makes New Investment in Precision Drilling Co. (NYSE:PDS)

Sumitomo Mitsui Trust Group Inc. purchased a new stake in Precision Drilling Co. (NYSE:PDS) (TSE:PD) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 7,653 shares of the oil and gas company’s stock, valued at approximately $472,000. Sumitomo Mitsui Trust Group Inc. owned approximately 0.05% of Precision Drilling as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PDS. Swiss National Bank increased its holdings in Precision Drilling by 6.3% during the 1st quarter. Swiss National Bank now owns 28,600 shares of the oil and gas company’s stock valued at $1,923,000 after acquiring an additional 1,700 shares in the last quarter. O Shaughnessy Asset Management LLC grew its position in shares of Precision Drilling by 27.3% in the first quarter. O Shaughnessy Asset Management LLC now owns 29,549 shares of the oil and gas company’s stock valued at $1,989,000 after purchasing an additional 6,328 shares during the last quarter. Blue Trust Inc. increased its stake in shares of Precision Drilling by 2,800.0% during 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 raised its position 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 purchasing an additional 545 shares during the last quarter. Finally, Signaturefd LLC lifted its stake 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 in the last quarter. Institutional investors and hedge funds own 48.86% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Piper Sandler raised their price target on Precision Drilling from $95.00 to $112.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. StockNews.com upgraded Precision Drilling from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st.

Precision Drilling Stock Down 0.4 %

PDS stock opened at $62.79 on Wednesday. Precision Drilling Co. has a one year low of $49.67 and a one year high of $79.07. The stock has a market capitalization of $882.83 million, a P/E ratio of 5.31 and a beta of 1.97. The company has a 50 day moving average price of $62.40 and a two-hundred day moving average price of $67.50. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.41 and a current ratio of 1.54.

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.