Precision Drilling (NYSE:PDS) Announces Earnings Results

Precision Drilling (NYSE:PDS) (TSE:PD) posted its quarterly earnings data on Thursday. The oil and gas company reported $1.88 earnings per share for the quarter, missing analysts’ consensus estimates of $2.00 by ($0.12), reports. Precision Drilling had a net margin of 12.00% and a return on equity of 10.44%. The firm had revenue of $391.51 million for the quarter, compared to the consensus estimate of $399.44 million.

Precision Drilling Trading Up 5.1 %

NYSE PDS opened at $72.30 on Friday. Precision Drilling has a 12 month low of $41.56 and a 12 month high of $77.21. The company’s 50-day moving average price is $66.23 and its 200-day moving average price is $60.63. The stock has a market cap of $1.05 billion, a PE ratio of 6.35 and a beta of 2.11. The company has a current ratio of 1.40, a quick ratio of 1.30 and a debt-to-equity ratio of 0.58.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. StockNews.com cut shares of Precision Drilling from a “buy” rating to a “hold” rating in a research report on Friday. Piper Sandler cut their price target on shares of Precision Drilling from $100.00 to $81.00 and set an “overweight” rating on the stock in a report on Tuesday, February 20th. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $115.17.

Institutional Trading of Precision Drilling

Hedge funds have recently added to or reduced their stakes in the business. Signaturefd LLC lifted its stake in Precision Drilling by 41.3% in the third quarter. Signaturefd LLC now owns 921 shares of the oil and gas company’s stock worth $62,000 after acquiring an additional 269 shares during the period. Russell Investments Group Ltd. purchased a new stake in Precision Drilling in the fourth quarter worth about $88,000. Barometer Capital Management Inc. purchased a new stake in shares of Precision Drilling during the third quarter valued at about $148,000. Alberta Investment Management Corp purchased a new stake in shares of Precision Drilling during the fourth quarter valued at about $229,000. Finally, Quantbot Technologies LP purchased a new stake in shares of Precision Drilling during the third quarter valued at about $243,000. 48.86% of the stock is owned by hedge funds and other institutional investors.

Precision Drilling Company 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.