Raymond James Cuts Earnings Estimates for Precision Drilling

Precision Drilling Co. (NYSE:PDS) (TSE:PD) – Investment analysts at Raymond James dropped their FY2024 earnings per share (EPS) estimates for shares of Precision Drilling in a research report issued to clients and investors on Tuesday, October 15th. Raymond James analyst M. Barth now expects that the oil and gas company will earn $6.75 per share for the year, down from their prior estimate of $6.95. The consensus estimate for Precision Drilling’s current full-year earnings is $6.67 per share. Raymond James also issued estimates for Precision Drilling’s FY2026 earnings at $14.39 EPS.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings results on Tuesday, July 30th. The oil and gas company reported $1.44 earnings per share for the quarter, topping the consensus estimate of ($0.62) by $2.06. The company had revenue of $429.20 million for the quarter, compared to the consensus estimate of $310.13 million. Precision Drilling had a return on equity of 9.26% and a net margin of 11.68%. The firm’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.21 EPS.

Other analysts also recently issued reports about the company. Piper Sandler increased their target price on Precision Drilling from $95.00 to $112.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. StockNews.com upgraded Precision Drilling from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st.

Precision Drilling Stock Performance

Shares of PDS opened at $60.46 on Thursday. The business’s fifty day simple moving average is $66.27 and its two-hundred day simple moving average is $69.10. The company has a current ratio of 1.51, a quick ratio of 1.39 and a debt-to-equity ratio of 0.52. Precision Drilling has a 12 month low of $49.67 and a 12 month high of $79.07. The company has a market cap of $864.70 million, a price-to-earnings ratio of 5.31 and a beta of 1.96.

Hedge Funds Weigh In On Precision Drilling

Hedge funds and other institutional investors have recently modified their holdings of the company. Blue Trust Inc. lifted its holdings in shares of Precision Drilling by 2,800.0% during the 2nd quarter. Blue Trust Inc. now owns 522 shares of the oil and gas company’s stock valued at $35,000 after buying an additional 504 shares during the period. Signaturefd LLC lifted its holdings in shares of Precision Drilling by 32.6% during the 2nd quarter. Signaturefd LLC now owns 1,384 shares of the oil and gas company’s stock valued at $97,000 after buying an additional 340 shares during the period. Squarepoint Ops LLC bought a new position in shares of Precision Drilling during the 2nd quarter valued at $210,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Precision Drilling by 14.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,270 shares of the oil and gas company’s stock valued at $300,000 after buying an additional 545 shares during the period. Finally, Sanctuary Advisors LLC bought a new position in shares of Precision Drilling during the 2nd quarter valued at $468,000. 48.86% of the stock is owned by institutional investors.

Precision Drilling Company Profile

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.