Precision Drilling Corporation (PDS) to Post FY2017 Earnings of ($0.30) Per Share, Cormark Forecasts
Precision Drilling Corporation (NYSE:PDS) (TSE:PD) – Equities researchers at Cormark boosted their FY2017 earnings per share estimates for Precision Drilling Corporation in a research report issued on Monday. Cormark analyst J. Zhang now forecasts that the oil and gas company will earn ($0.30) per share for the year, up from their prior estimate of ($0.31). Cormark also issued estimates for Precision Drilling Corporation’s Q4 2017 earnings at ($0.06) EPS, Q1 2018 earnings at ($0.02) EPS, Q3 2018 earnings at ($0.03) EPS and FY2018 earnings at ($0.14) EPS.
A number of other equities analysts have also weighed in on the company. TD Securities initiated coverage on Precision Drilling Corporation in a research note on Monday, September 11th. They set a “buy” rating for the company. Cowen and Company reiterated a “buy” rating and set a $5.00 price objective on shares of Precision Drilling Corporation in a research note on Tuesday, July 11th. Raymond James Financial, Inc. upgraded Precision Drilling Corporation from an “outperform” rating to a “strong-buy” rating in a research note on Thursday, July 6th. ValuEngine lowered Precision Drilling Corporation from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st. Finally, Zacks Investment Research upgraded Precision Drilling Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, October 26th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. Precision Drilling Corporation has an average rating of “Buy” and an average target price of $5.37.
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Precision Drilling Corporation (NYSE:PDS) (TSE:PD) last released its quarterly earnings results on Friday, October 27th. The oil and gas company reported ($0.07) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.09) by $0.02. Precision Drilling Corporation had a negative return on equity of 5.96% and a negative net margin of 9.45%. The business had revenue of $314.50 million during the quarter, compared to analyst estimates of $320.36 million. During the same quarter in the previous year, the company posted ($0.16) earnings per share. Precision Drilling Corporation’s revenue for the quarter was up 47.2% on a year-over-year basis.
Several institutional investors have recently made changes to their positions in PDS. Pacad Investment Ltd. increased its stake in shares of Precision Drilling Corporation by 81.2% in 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 in the last quarter. DORCHESTER WEALTH MANAGEMENT Co purchased a new position in shares of Precision Drilling Corporation in the 3rd quarter valued at about $126,000. Tower Research Capital LLC TRC increased its stake in shares of Precision Drilling Corporation by 200.1% in 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 purchasing an additional 19,819 shares in the last quarter. Verition Fund Management LLC purchased a new position in shares of Precision Drilling Corporation in the 2nd quarter valued at about $158,000. Finally, Winch Advisory Services LLC increased its stake in shares of Precision Drilling Corporation by 38.4% in 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. Hedge funds and other institutional investors own 59.65% of the company’s stock.
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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