Brokers Issue Forecasts for Precision Drilling Co.’s FY2021 Earnings (NYSE:PDS)

Precision Drilling Co. (NYSE:PDS) (TSE:PD) – Investment analysts at Raymond James decreased their FY2021 earnings per share estimates for shares of Precision Drilling in a research note issued to investors on Monday, June 7th. Raymond James analyst A. Bradford now expects that the oil and gas company will earn ($7.45) per share for the year, down from their prior estimate of ($6.66). Raymond James currently has a “Outperform” rating on the stock. Raymond James also issued estimates for Precision Drilling’s FY2022 earnings at ($2.04) EPS.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its earnings results on Wednesday, April 21st. The oil and gas company reported ($2.70) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($2.23) by ($0.47). Precision Drilling had a negative net margin of 18.92% and a negative return on equity of 10.17%. The business had revenue of $236.47 million during the quarter, compared to analyst estimates of $229.39 million. The firm’s revenue for the quarter was down 37.7% on a year-over-year basis.

PDS has been the topic of several other reports. Morgan Stanley upped their price target on Precision Drilling from $30.00 to $35.00 and gave the company an “equal weight” rating in a research report on Thursday, March 25th. TD Securities lowered Precision Drilling from a “buy” rating to a “hold” rating in a research report on Monday. BMO Capital Markets reissued a “buy” rating and set a $45.00 price target on shares of Precision Drilling in a research report on Friday, April 23rd. Stifel Nicolaus upped their price target on Precision Drilling from C$44.00 to C$53.00 and gave the company a “buy” rating in a research report on Friday, June 4th. Finally, CIBC upped their price target on Precision Drilling from C$45.00 to C$50.00 and gave the company an “outperform” rating in a research report on Friday, June 4th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $35.10.

PDS stock opened at $37.31 on Thursday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.84 and a current ratio of 1.99. The firm has a market cap of $496.37 million, a price-to-earnings ratio of -4.43 and a beta of 3.13. Precision Drilling has a 12-month low of $11.00 and a 12-month high of $39.88. The firm’s 50 day moving average price is $28.70.

Large investors have recently added to or reduced their stakes in the company. Greatmark Investment Partners Inc. bought a new position in shares of Precision Drilling in the first quarter worth $1,181,000. Renaissance Technologies LLC bought a new position in shares of Precision Drilling in the fourth quarter worth $3,236,000. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Precision Drilling in the fourth quarter worth $919,000. Paloma Partners Management Co bought a new position in shares of Precision Drilling in the fourth quarter worth $176,000. Finally, Virtu Financial LLC bought a new position in shares of Precision Drilling in the fourth quarter worth $224,000. 39.65% of the stock is owned by institutional investors.

About Precision Drilling

Precision Drilling Corporation, an oilfield services company, provides oil and natural gas drilling and related products and services in North America and the Middle East. 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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Earnings History and Estimates for Precision Drilling (NYSE:PDS)

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