Atb Cap Markets Weighs in on Precision Drilling Co.’s Q3 2024 Earnings (NYSE:PDS)

Precision Drilling Co. (NYSE:PDS) (TSE:PD) – Stock analysts at Atb Cap Markets decreased their Q3 2024 earnings estimates for shares of Precision Drilling in a research report issued to clients and investors on Thursday, June 27th. Atb Cap Markets analyst W. Syed now forecasts that the oil and gas company will earn $1.85 per share for the quarter, down from their previous estimate of $2.03. The consensus estimate for Precision Drilling’s current full-year earnings is $6.21 per share. Atb Cap Markets also issued estimates for Precision Drilling’s Q3 2025 earnings at $2.81 EPS.

PDS has been the subject of several other research reports. Piper Sandler boosted their price target on shares of Precision Drilling from $81.00 to $101.00 and gave the stock an “overweight” rating in a report on Monday, May 6th. StockNews.com lowered Precision Drilling from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $118.50.

Precision Drilling Stock Performance

NYSE PDS opened at $70.34 on Monday. The company has a current ratio of 1.71, a quick ratio of 1.59 and a debt-to-equity ratio of 0.57. The stock has a market cap of $1.01 billion, a PE ratio of 6.18 and a beta of 2.01. The stock has a fifty day simple moving average of $69.85 and a 200-day simple moving average of $64.42. Precision Drilling has a twelve month low of $46.29 and a twelve month high of $77.21.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings results on Thursday, April 25th. The oil and gas company reported $1.88 earnings per share for the quarter, missing the consensus estimate of $2.00 by ($0.12). The firm had revenue of $391.51 million during the quarter, compared to analysts’ expectations of $399.44 million. Precision Drilling had a net margin of 12.00% and a return on equity of 10.10%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Bank of Nova Scotia increased its stake in shares of Precision Drilling by 3.5% during the 3rd quarter. Bank of Nova Scotia now owns 26,021 shares of the oil and gas company’s stock worth $1,744,000 after purchasing an additional 881 shares in the last quarter. Scotia Capital Inc. raised its holdings in shares of Precision Drilling by 23.7% in the third quarter. Scotia Capital Inc. now owns 13,253 shares of the oil and gas company’s stock worth $886,000 after acquiring an additional 2,538 shares during the last quarter. American Century Companies Inc. lifted its position in shares of Precision Drilling by 1,501.2% in the third quarter. American Century Companies Inc. now owns 223,116 shares of the oil and gas company’s stock valued at $14,950,000 after acquiring an additional 209,182 shares in the last quarter. Wellington Management Group LLP purchased a new stake in shares of Precision Drilling in the third quarter valued at $4,638,000. Finally, Ninepoint Partners LP acquired a new stake in shares of Precision Drilling during the fourth quarter valued at $74,649,000. Hedge funds and other institutional investors 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.