It is trading at $2.99 a bit higher than the 50 day moving average which is $2.77 and which is just under the 200 day moving average of $3.17. The 50 day moving average was up $0.22 whereas the 200 day average was down by -5.83%. Trading was heavy with 4,195K shares changing hands in the last trading session. Overall, volume was up 74.93% over the stocks normal daily volume.
Traders are feeling more bullish of late as indicated by the downtick in short interest. The stock had a fall in short interest between September 29, 2017 and October 13, 2017 of -4.86%. Short shares decreased from 10,619,958 to 10,103,617 over that period. Days to cover increased from 3.0 to 6.0 and the percentage of shorted shares was 0.03% on October 13.
These firms have modified their investment in PDS. As of quarter end Scotia Capital Inc. had bought a total of 417,523 shares growing its holdings by 326.1%. The value of the total investment in Precision Drilling Corporation increased from $605,000 to $1,855,000 increasing 206.6% quarter over quarter. As of the end of the quarter Energy Opportunities Capital Management, LLC had disposed of 984,416 shares trimming its position 57.9%. The value of the company’s investment in Precision Drilling Corporation went from $8,022,000 to $2,439,000 a change of $5,583,000 for the reporting period.
Manufacturers Life Insurance Company, The grew its ownership by buying 915,489 shares an increase of 16,353.9% as of 06/30/2017. Manufacturers Life Insurance Company, The controls 921,087 shares with a value of $3,141,000. The value of the position overall is up by 11,980.8%. Vanguard Group Inc added to its holdings by buying 17,300 shares an increase of 116.9% in the quarter. Vanguard Group Inc claims 32,100 shares worth $109,000. The total value of its holdings increased 55.7%.
On September 12 the company was set at “Neutral” according to a JP Morgan report down from the previous “Neutral” rating. On October 10 analysts at Deutsche Bank started covering the stock giving it an initial rating of “Hold”.
As of the last earnings report the EPS was $-0.37 and is estimated to be $-0.31 for the current year with 293,238,000 shares now outstanding. Analysts expect next quarter’s EPS to be $-0.04 with next year’s EPS anticipated to be $-0.22.
Precision Drilling Corporation provides oil and natural gas drilling and related services and products. The company operates in two segments, Contract Drilling Services, and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry. This segment’s services include land drilling, directional drilling, and turnkey drilling; and procurement and distribution of oilfield supplies, as well as manufacture and refurbishment of drilling and service rig equipment. As of December 31, 2016, this segment operated 255 land drilling rigs, including 135 in Canada; 103 in the United States; 5 in Mexico; 4 in Saudi Arabia; 5 in Kuwait; 2 in the Kurdistan region of Iraq; and 1 in the country of Georgia. The Completion and Production Services segment offers completion and workover services, and ancillary services to oil and natural gas exploration and production companies. It provides service rigs for well completion, workover, abandonment, maintenance, and re-entry preparation services; snubbing units for pressure control services; camp and catering services; and water system services. This segment also engages in the rental of oilfield surface equipment, and wellsite accommodations. This segment operated 196 well completion and workover service rigs, and 11 snubbing units in Canada and the United States; approximately 2,200 oilfield rental items, including surface storage, small-flow wastewater treatment, and power generation and solids control equipment; and 132 wellsite accommodation units in Canada. It also had 43 drilling camps and 4 base camps in Canada; and 10 large-flow wastewater treatment units, 24 pump houses, and 8 potable water production units in Canada. Precision Drilling Corporation was founded in 1951 and is headquartered in Calgary, Canada..