Precision Drilling Corp (NYSE:PDS) (TSE:PD) – Stock analysts at Jefferies Financial Group lowered their FY2018 EPS estimates for shares of Precision Drilling in a report issued on Monday, October 29th. Jefferies Financial Group analyst B. Handler now forecasts that the oil and gas company will post earnings per share of ($0.29) for the year, down from their prior estimate of ($0.25). Jefferies Financial Group currently has a “Buy” rating and a $5.00 target price on the stock. Jefferies Financial Group also issued estimates for Precision Drilling’s Q4 2018 earnings at ($0.05) EPS, Q2 2019 earnings at ($0.06) EPS, FY2019 earnings at $0.00 EPS and FY2020 earnings at $0.35 EPS.
A number of other brokerages have also recently issued reports on PDS. TD Securities cut shares of Precision Drilling to a “buy” rating in a report on Wednesday, September 5th. Piper Jaffray Companies reiterated a “buy” rating and issued a $5.25 price objective on shares of Precision Drilling in a report on Tuesday, July 31st. Zacks Investment Research cut shares of Precision Drilling from a “buy” rating to a “hold” rating in a report on Tuesday, July 17th. Morgan Stanley upgraded shares of Precision Drilling from an “equal weight” rating to an “overweight” rating and set a $4.25 price objective for the company in a report on Thursday, July 12th. Finally, Credit Suisse Group upped their price objective on shares of Precision Drilling from $3.80 to $3.90 and gave the stock a “neutral” rating in a report on Friday, July 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company’s stock. Precision Drilling has a consensus rating of “Hold” and a consensus price target of $4.58.
Shares of NYSE:PDS opened at $2.42 on Wednesday. The firm has a market capitalization of $713.89 million, a P/E ratio of -8.64 and a beta of 1.87. Precision Drilling has a 1 year low of $2.31 and a 1 year high of $4.14. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.85 and a quick ratio of 1.73.
Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings results on Thursday, October 25th. The oil and gas company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.02). Precision Drilling had a negative net margin of 9.77% and a negative return on equity of 6.59%. The company had revenue of $292.65 million for the quarter, compared to analysts’ expectations of $306.54 million.
A number of institutional investors have recently added to or reduced their stakes in PDS. Bank of New York Mellon Corp lifted its position in Precision Drilling by 138.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 35,916 shares of the oil and gas company’s stock worth $119,000 after acquiring an additional 20,833 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in Precision Drilling by 112.1% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 59,537 shares of the oil and gas company’s stock worth $197,000 after acquiring an additional 31,461 shares during the last quarter. Prescott Group Capital Management L.L.C. acquired a new position in Precision Drilling during the 2nd quarter worth $202,000. Cubist Systematic Strategies LLC lifted its position in Precision Drilling by 55.6% during the 1st quarter. Cubist Systematic Strategies LLC now owns 120,113 shares of the oil and gas company’s stock worth $333,000 after acquiring an additional 42,918 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Precision Drilling by 1,439.4% during the 1st quarter. JPMorgan Chase & Co. now owns 159,621 shares of the oil and gas company’s stock worth $443,000 after acquiring an additional 149,252 shares during the last quarter. 50.93% of the stock is owned by hedge funds and other institutional investors.
About Precision Drilling
Precision Drilling Corporation provides oil and natural gas drilling and related services and products. The company operates in two segments, Contract Drilling Services, and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry.
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