Brokers Issue Forecasts for Precision Drilling Co.’s FY2024 Earnings (NYSE:PDS)

Precision Drilling Co. (NYSE:PDS) (TSE:PD) – Stock analysts at Raymond James decreased their FY2024 earnings estimates for shares of Precision Drilling in a research report issued to clients and investors on Friday, April 26th. Raymond James analyst M. Barth now expects that the oil and gas company will post earnings per share of $8.67 for the year, down from their prior estimate of $8.73. The consensus estimate for Precision Drilling’s current full-year earnings is $6.38 per share. Raymond James also issued estimates for Precision Drilling’s FY2025 earnings at $12.11 EPS and FY2028 earnings at $14.69 EPS.

PDS has been the topic of a number of other reports. Piper Sandler reduced their price target on shares of Precision Drilling from $100.00 to $81.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 20th. StockNews.com downgraded shares of Precision Drilling from a “buy” rating to a “hold” rating in a research report on Friday. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $115.17.

Precision Drilling Trading Up 5.1 %

Precision Drilling stock opened at $72.30 on Monday. The firm’s 50-day moving average is $66.23 and its 200-day moving average is $60.62. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.30 and a current ratio of 1.40. Precision Drilling has a 1 year low of $41.56 and a 1 year high of $77.21. The company has a market cap of $1.05 billion, a P/E ratio of 6.35 and a beta of 2.11.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings data on Thursday, April 25th. The oil and gas company reported $1.88 EPS for the quarter, missing analysts’ consensus estimates of $2.00 by ($0.12). Precision Drilling had a net margin of 12.00% and a return on equity of 10.44%. The company had revenue of $391.51 million for the quarter, compared to the consensus estimate of $399.44 million.

Hedge Funds Weigh In On Precision Drilling

Several large investors have recently bought and sold shares of the stock. Signaturefd LLC grew its stake in shares of Precision Drilling by 41.3% in the 3rd quarter. Signaturefd LLC now owns 921 shares of the oil and gas company’s stock worth $62,000 after purchasing an additional 269 shares during the last quarter. Russell Investments Group Ltd. acquired a new position in shares of Precision Drilling in the 4th quarter worth approximately $88,000. Barometer Capital Management Inc. acquired a new position in shares of Precision Drilling in the 3rd quarter worth approximately $148,000. Quantbot Technologies LP acquired a new position in shares of Precision Drilling in the 3rd quarter worth approximately $243,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Precision Drilling by 41.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,725 shares of the oil and gas company’s stock worth $251,000 after purchasing an additional 1,084 shares during the last quarter. Institutional investors and hedge funds own 48.86% of the company’s stock.

About Precision Drilling

Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates through Contract Drilling Services and Completion and Production Services segments.