FY2024 Earnings Estimate for Precision Drilling Co. Issued By Raymond James (NYSE:PDS)

Precision Drilling Co. (NYSE:PDS) (TSE:PD) – Raymond James decreased their FY2024 earnings per share estimates for Precision Drilling in a report released on Friday, April 26th. Raymond James analyst M. Barth now expects that the oil and gas company will post earnings of $8.67 per share for the year, down from their prior estimate of $8.73. The consensus estimate for Precision Drilling’s current full-year earnings is $6.38 per share. Raymond James also issued estimates for Precision Drilling’s FY2025 earnings at $12.11 EPS and FY2028 earnings at $14.69 EPS.

Several other analysts have also issued reports on PDS. Piper Sandler cut their price target on Precision Drilling from $100.00 to $81.00 and set an “overweight” rating for the company in a report on Tuesday, February 20th. StockNews.com downgraded Precision Drilling from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Precision Drilling presently has an average rating of “Moderate Buy” and an average price target of $115.17.

Precision Drilling Stock Down 4.4 %

PDS stock opened at $70.18 on Monday. Precision Drilling has a 1-year low of $41.56 and a 1-year high of $77.21. The business has a fifty day moving average price of $66.44 and a 200-day moving average price of $60.71. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.71 and a quick ratio of 1.59. The stock has a market capitalization of $1.02 billion, a P/E ratio of 6.17 and a beta of 2.11.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings results on Thursday, April 25th. The oil and gas company reported $1.88 earnings per share for the quarter, missing the consensus estimate of $2.00 by ($0.12). Precision Drilling had a return on equity of 10.10% and a net margin of 12.00%. The business had revenue of $391.51 million during the quarter, compared to analysts’ expectations of $399.44 million.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Signaturefd LLC lifted its position in Precision Drilling by 41.3% during the 3rd 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. acquired a new position in Precision Drilling in the 4th quarter worth about $88,000. Barometer Capital Management Inc. acquired a new position in Precision Drilling in the 3rd quarter worth about $148,000. Alberta Investment Management Corp acquired a new position in Precision Drilling in the 4th quarter worth about $229,000. Finally, Quantbot Technologies LP acquired a new position in Precision Drilling in the 3rd quarter worth about $243,000. 48.86% of the stock is currently 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.