Precision Drilling Co. Forecasted to Post Q3 2024 Earnings of $1.85 Per Share (NYSE:PDS)

Precision Drilling Co. (NYSE:PDS) (TSE:PD) – Research analysts at Atb Cap Markets reduced their Q3 2024 EPS estimates for Precision Drilling in a research note issued to investors on Thursday, June 27th. Atb Cap Markets analyst W. Syed now expects that the oil and gas company will post earnings of $1.85 per share for the quarter, down from their prior estimate of $2.03. The consensus estimate for Precision Drilling’s current full-year earnings is $6.21 per share. Atb Cap Markets also issued estimates for Precision Drilling’s Q3 2025 earnings at $2.81 EPS.

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

A number of other research analysts have also commented on PDS. Piper Sandler upped their price target on Precision Drilling from $81.00 to $101.00 and gave the stock an “overweight” rating in a report on Monday, May 6th. StockNews.com cut shares of Precision Drilling from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $118.50.

Precision Drilling Price Performance

NYSE PDS opened at $69.95 on Monday. The stock has a 50-day simple moving average of $69.95 and a 200 day simple moving average of $64.63. Precision Drilling has a twelve month low of $46.29 and a twelve month high of $77.21. The stock has a market capitalization of $1.00 billion, a PE ratio of 6.15 and a beta of 2.03. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.59 and a current ratio of 1.71.

Hedge Funds Weigh In On Precision Drilling

Large investors have recently modified their holdings of the stock. Ninepoint Partners LP acquired a new position in Precision Drilling during the 4th quarter worth $74,649,000. American Century Companies Inc. lifted its stake in shares of Precision Drilling by 1,501.2% during the third quarter. American Century Companies Inc. now owns 223,116 shares of the oil and gas company’s stock valued at $14,950,000 after acquiring an additional 209,182 shares during the period. National Bank of Canada FI boosted its holdings in Precision Drilling by 29.0% in the first quarter. National Bank of Canada FI now owns 711,047 shares of the oil and gas company’s stock valued at $50,886,000 after acquiring an additional 159,871 shares during the last quarter. Aegis Financial Corp acquired a new stake in Precision Drilling in the first quarter worth about $6,124,000. Finally, Wellington Management Group LLP bought a new stake in Precision Drilling during the 3rd quarter worth about $4,638,000. 48.86% of the stock is currently owned by institutional investors and hedge funds.

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.