Precision Drilling (NYSE:PDS) Stock Price Up 6.1% – Should You Buy?

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

Precision Drilling Stock Down 3.2 %

The company has a market capitalization of $895.15 million, a PE ratio of 5.42 and a beta of 1.93. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.41 and a current ratio of 1.54. The firm has a fifty day simple moving average of $61.58 and a 200-day simple moving average of $65.32.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PDS. American Century Companies Inc. grew its position in Precision Drilling by 8.0% in the 2nd quarter. American Century Companies Inc. now owns 99,979 shares of the oil and gas company’s stock valued at $7,030,000 after buying an additional 7,436 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Precision Drilling by 16.8% in the second quarter. Dimensional Fund Advisors LP now owns 201,625 shares of the oil and gas company’s stock valued at $14,182,000 after acquiring an additional 28,947 shares in the last quarter. Squarepoint Ops LLC acquired a new position in shares of Precision Drilling during the second quarter valued at approximately $210,000. The Manufacturers Life Insurance Company raised its holdings in Precision Drilling by 1.3% during the second quarter. The Manufacturers Life Insurance Company now owns 12,020 shares of the oil and gas company’s stock worth $844,000 after purchasing an additional 150 shares in the last quarter. Finally, Point72 Asset Management L.P. lifted its position in Precision Drilling by 31.1% in the second quarter. Point72 Asset Management L.P. now owns 57,949 shares of the oil and gas company’s stock worth $4,073,000 after purchasing an additional 13,749 shares during the period. 48.86% of the stock is owned by institutional investors and hedge funds.

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.