Precision Drilling Co. (NYSE:PDS) Forecasted to Earn FY2024 Earnings of $8.67 Per Share

Precision Drilling Co. (NYSE:PDS) (TSE:PD) – Research analysts at Raymond James reduced their FY2024 earnings per share estimates for shares of Precision Drilling in a report released on Friday, April 26th. Raymond James analyst M. Barth now anticipates that the oil and gas company will post earnings of $8.67 per share for the year, down from their previous forecast 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.

Other research analysts have also recently issued research reports about the stock. Piper Sandler lowered their price target on shares of 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 lowered shares of Precision Drilling from a “buy” rating to a “hold” rating in a research report on Friday. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Precision Drilling has a consensus rating of “Moderate Buy” and a consensus target price of $115.17.

Precision Drilling Stock Performance

Shares of PDS stock opened at $73.38 on Monday. Precision Drilling has a 52 week low of $41.56 and a 52 week high of $77.21. The firm has a 50 day moving average of $66.44 and a two-hundred day moving average of $60.71. The company has a quick ratio of 1.59, a current ratio of 1.71 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $1.06 billion, a PE ratio of 6.45 and a beta of 2.11.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly 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). Precision Drilling had a net margin of 12.00% and a return on equity of 10.10%. The company had revenue of $391.51 million for the quarter, compared to analyst estimates of $399.44 million.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Ninepoint Partners LP bought a new position in shares of Precision Drilling in the fourth quarter valued at approximately $74,649,000. Acadian Asset Management LLC boosted its stake in Precision Drilling by 95.0% during the 3rd quarter. Acadian Asset Management LLC now owns 466,048 shares of the oil and gas company’s stock valued at $31,344,000 after purchasing an additional 227,077 shares in the last quarter. American Century Companies Inc. increased its position in shares of Precision Drilling by 1,501.2% during the 3rd quarter. American Century Companies Inc. now owns 223,116 shares of the oil and gas company’s stock valued at $14,950,000 after purchasing an additional 209,182 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Precision Drilling by 172.3% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 188,400 shares of the oil and gas company’s stock worth $12,623,000 after buying an additional 119,200 shares in the last quarter. Finally, NewGen Asset Management Ltd lifted its holdings in shares of Precision Drilling by 27.8% in the fourth quarter. NewGen Asset Management Ltd now owns 123,970 shares of the oil and gas company’s stock valued at $6,730,000 after buying an additional 27,000 shares during the period. 48.86% of the stock is currently owned by 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.