Piper Jaffray Companies Equities Analysts Reduce Earnings Estimates for Precision Drilling Corp (PDS)

Precision Drilling Corp (NYSE:PDS) (TSE:PD) – Equities research analysts at Piper Jaffray Companies dropped their FY2018 earnings per share (EPS) estimates for shares of Precision Drilling in a research note issued on Tuesday, October 30th. Piper Jaffray Companies analyst J. Daniel now anticipates that the oil and gas company will post earnings per share of ($0.28) for the year, down from their previous estimate of ($0.24). Piper Jaffray Companies currently has a “Buy” rating and a $6.00 price objective on the stock. Piper Jaffray Companies also issued estimates for Precision Drilling’s Q4 2018 earnings at ($0.03) EPS, Q1 2019 earnings at $0.01 EPS, Q1 2020 earnings at $0.08 EPS, Q2 2020 earnings at ($0.01) EPS, Q3 2020 earnings at $0.08 EPS and FY2020 earnings at $0.22 EPS.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its earnings results on Thursday, October 25th. The oil and gas company reported ($0.08) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.06) by ($0.02). Precision Drilling had a negative return on equity of 6.59% and a negative net margin of 9.77%. The business had revenue of $292.65 million for the quarter, compared to analyst estimates of $306.54 million.

PDS has been the topic of a number of other research reports. Morgan Stanley upgraded shares of Precision Drilling from an “equal weight” rating to an “overweight” rating and set a $4.25 target price on the stock in a research report on Thursday, July 12th. Scotiabank upgraded shares of Precision Drilling from an “underperform” rating to a “sector perform” rating in a research report on Friday, October 26th. Zacks Investment Research lowered shares of Precision Drilling from a “buy” rating to a “hold” rating in a research report on Tuesday, July 17th. Jefferies Financial Group set a $5.00 price target on shares of Precision Drilling and gave the stock a “buy” rating in a research report on Monday, July 30th. Finally, Canaccord Genuity reiterated a “hold” rating on shares of Precision Drilling in a research report on Tuesday, October 16th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. Precision Drilling currently has a consensus rating of “Hold” and a consensus price target of $4.58.

Shares of NYSE:PDS opened at $2.41 on Friday. Precision Drilling has a 12-month low of $2.31 and a 12-month high of $4.14. The company has a quick ratio of 1.73, a current ratio of 1.85 and a debt-to-equity ratio of 0.98.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp boosted its position in shares of 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 in the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of 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 in the last quarter. Prescott Group Capital Management L.L.C. acquired a new stake in shares of Precision Drilling during the 2nd quarter worth approximately $202,000. Cubist Systematic Strategies LLC boosted its position in shares of 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 in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of 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 in the last quarter. Institutional investors and hedge funds own 50.93% of the company’s stock.

Precision Drilling Company Profile

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.

Further Reading: Bond

Earnings History and Estimates for Precision Drilling (NYSE:PDS)

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