Precision Drilling Corporation (NYSE:PDS) (TSE:PD) posted its quarterly earnings results on Friday, October 27th. The oil and gas company reported ($0.07) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.09) by $0.02, MarketWatch Earnings reports. Precision Drilling Corporation had a negative return on equity of 5.93% and a negative net margin of 9.45%. The company had revenue of $314.50 million during the quarter, compared to the consensus estimate of $320.36 million. During the same period last year, the business earned ($0.16) EPS. The business’s quarterly revenue was up 47.2% on a year-over-year basis.
Precision Drilling Corporation (PDS) opened at $3.15 on Friday. The company has a quick ratio of 2.10, a current ratio of 2.22 and a debt-to-equity ratio of 0.96. Precision Drilling Corporation has a 12-month low of $2.26 and a 12-month high of $6.25.
Several institutional investors and hedge funds have recently modified their holdings of PDS. Pacad Investment Ltd. boosted its stake in Precision Drilling Corporation by 81.2% during the 2nd quarter. Pacad Investment Ltd. now owns 32,800 shares of the oil and gas company’s stock valued at $112,000 after purchasing an additional 14,700 shares during the last quarter. DORCHESTER WEALTH MANAGEMENT Co bought a new stake in Precision Drilling Corporation during the 3rd quarter valued at $126,000. Tower Research Capital LLC TRC raised its holdings in Precision Drilling Corporation by 200.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 29,724 shares of the oil and gas company’s stock valued at $132,000 after acquiring an additional 19,819 shares during the period. Verition Fund Management LLC purchased a new position in shares of Precision Drilling Corporation during the 2nd quarter valued at $158,000. Finally, Winch Advisory Services LLC grew its position in shares of Precision Drilling Corporation by 38.4% during the 2nd quarter. Winch Advisory Services LLC now owns 72,782 shares of the oil and gas company’s stock valued at $248,000 after purchasing an additional 20,176 shares in the last quarter. Institutional investors own 59.60% of the company’s stock.
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PDS has been the topic of several recent analyst reports. ValuEngine raised Precision Drilling Corporation from a “strong sell” rating to a “sell” rating in a research note on Monday, October 2nd. TD Securities assumed coverage on Precision Drilling Corporation in a research report on Monday, September 11th. They issued a “buy” rating for the company. Jefferies Group LLC restated a “buy” rating and set a $4.50 target price (down previously from $6.00) on shares of Precision Drilling Corporation in a research report on Wednesday, August 2nd. Zacks Investment Research downgraded Precision Drilling Corporation from a “hold” rating to a “sell” rating in a research report on Friday, July 21st. Finally, Deutsche Bank AG began coverage on Precision Drilling Corporation in a research note on Tuesday, October 10th. They set a “hold” rating and a $4.00 price objective for the company. Three analysts have rated the stock with a sell rating, six have issued a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. Precision Drilling Corporation currently has a consensus rating of “Hold” and an average price target of $5.04.
About Precision Drilling Corporation
Precision Drilling Corporation (Precision) is an oilfield services company. The Company provides onshore drilling and completion and production services to exploration and production companies in the oil and natural gas industry. The Company operates through two segments: Contract Drilling Services, and Completion and Production Services.
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