Precision Drilling Co. Expected to Earn FY2024 Earnings of $6.75 Per Share (NYSE:PDS)

Precision Drilling Co. (NYSE:PDS) (TSE:PD) – Raymond James dropped their FY2024 earnings per share estimates for Precision Drilling in a note issued to investors on Tuesday, October 15th. Raymond James analyst M. Barth now anticipates that the oil and gas company will post earnings per share of $6.75 for the year, down from their prior estimate of $6.95. The consensus estimate for Precision Drilling’s current full-year earnings is $6.67 per share. Raymond James also issued estimates for Precision Drilling’s FY2026 earnings at $14.39 EPS.

Several other brokerages have also issued reports on PDS. StockNews.com upgraded Precision Drilling from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. Piper Sandler increased their price objective on shares of Precision Drilling from $95.00 to $112.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd.

Precision Drilling Stock Up 1.0 %

NYSE:PDS opened at $60.55 on Thursday. The stock has a market cap of $865.99 million, a price-to-earnings ratio of 5.32 and a beta of 1.96. The company has a current ratio of 1.51, a quick ratio of 1.39 and a debt-to-equity ratio of 0.52. The stock has a 50-day moving average price of $66.43 and a two-hundred day moving average price of $69.16. Precision Drilling has a 1 year low of $49.67 and a 1 year high of $79.07.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings results on Tuesday, July 30th. The oil and gas company reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.62) by $2.06. The company had revenue of $429.20 million during the quarter, compared to analyst estimates of $310.13 million. Precision Drilling had a net margin of 11.68% and a return on equity of 9.26%. The firm’s revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.21 EPS.

Institutional Investors Weigh In On Precision Drilling

Several institutional investors have recently bought and sold shares of PDS. National Bank of Canada FI increased its stake in Precision Drilling by 29.0% in the 1st 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 buying an additional 159,871 shares during the last quarter. Aegis Financial Corp acquired a new stake in shares of Precision Drilling in the 1st quarter valued at approximately $6,124,000. Hartree Partners LP grew its stake in shares of Precision Drilling by 113.3% in the first quarter. Hartree Partners LP now owns 80,000 shares of the oil and gas company’s stock valued at $5,384,000 after buying an additional 42,500 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Precision Drilling by 16.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 201,625 shares of the oil and gas company’s stock valued at $14,182,000 after acquiring an additional 28,947 shares during the period. Finally, Wellington Management Group LLP grew its holdings in Precision Drilling by 25.0% during the fourth quarter. Wellington Management Group LLP now owns 86,114 shares of the oil and gas company’s stock worth $4,700,000 after purchasing an additional 17,214 shares during the period. Institutional investors own 48.86% of the company’s stock.

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.