Zacks: Analysts Anticipate Precision Drilling Corporation (PDS) Will Post Quarterly Sales of $269.80 Million
Wall Street analysts predict that Precision Drilling Corporation (NYSE:PDS) (TSE:PD) will post $269.80 million in sales for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Precision Drilling Corporation’s earnings, with estimates ranging from $262.40 million to $273.60 million. Precision Drilling Corporation posted sales of $154.75 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 74.3%. The business is scheduled to issue its next quarterly earnings results on Friday, October 20th.
On average, analysts expect that Precision Drilling Corporation will report full-year sales of $269.80 million for the current year, with estimates ranging from $1.03 billion to $1.08 billion. For the next fiscal year, analysts expect that the business will report sales of $1.21 billion per share, with estimates ranging from $992.00 million to $1.35 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Precision Drilling Corporation.
Precision Drilling Corporation (NYSE:PDS) (TSE:PD) last announced its quarterly earnings results on Monday, July 31st. The oil and gas company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.07. The firm had revenue of $275.52 million for the quarter, compared to analysts’ expectations of $271.33 million. Precision Drilling Corporation had a negative net margin of 12.38% and a negative return on equity of 7.10%. The company’s revenue was up 68.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.20) EPS.
PDS has been the topic of several research analyst reports. Zacks Investment Research lowered Precision Drilling Corporation from a “hold” rating to a “sell” rating in a research note on Friday, July 21st. Citigroup Inc. reiterated an “outperform” rating on shares of Precision Drilling Corporation in a report on Wednesday, April 26th. Jefferies Group LLC set a $6.00 target price on Precision Drilling Corporation and gave the company a “buy” rating in a report on Tuesday, June 6th. Cowen and Company reiterated a “buy” rating and set a $5.00 target price on shares of Precision Drilling Corporation in a report on Tuesday, July 11th. Finally, Raymond James Financial, Inc. upgraded Precision Drilling Corporation from a “market perform” rating to an “outperform” rating in a report on Wednesday, April 26th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $6.21.
Large investors have recently bought and sold shares of the company. AQR Capital Management LLC acquired a new stake in Precision Drilling Corporation during the fourth quarter valued at about $223,000. Creative Planning increased its stake in Precision Drilling Corporation by 2,814.8% in the first quarter. Creative Planning now owns 146,468 shares of the oil and gas company’s stock valued at $691,000 after buying an additional 141,443 shares in the last quarter. Bank of Montreal Can increased its stake in Precision Drilling Corporation by 35.6% in the first quarter. Bank of Montreal Can now owns 1,560,334 shares of the oil and gas company’s stock valued at $7,365,000 after buying an additional 409,616 shares in the last quarter. Ferguson Wellman Capital Management Inc. increased its stake in Precision Drilling Corporation by 7,387.1% in the first quarter. Ferguson Wellman Capital Management Inc. now owns 906,690 shares of the oil and gas company’s stock valued at $4,280,000 after buying an additional 894,580 shares in the last quarter. Finally, Winch Advisory Services LLC increased its stake in Precision Drilling Corporation by 70.4% in the first quarter. Winch Advisory Services LLC now owns 52,606 shares of the oil and gas company’s stock valued at $248,000 after buying an additional 21,736 shares in the last quarter. Institutional investors own 63.21% of the company’s stock.
Precision Drilling Corporation (NYSE:PDS) opened at 2.70 on Friday. The stock’s 50 day moving average is $3.00 and its 200 day moving average is $4.01. Precision Drilling Corporation has a 12 month low of $2.60 and a 12 month high of $6.25. The firm’s market cap is $791.74 million.
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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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