Raymond James Has Negative Outlook of TSE:PD FY2024 Earnings

Precision Drilling Co. (TSE:PD) (NYSE:PDS) – Investment analysts at Raymond James dropped their FY2024 earnings per share (EPS) estimates for shares of Precision Drilling in a report issued on Wednesday, October 30th. Raymond James analyst M. Barth now expects that the company will post earnings of $9.04 per share for the year, down from their prior forecast of $9.12. Raymond James also issued estimates for Precision Drilling’s FY2025 earnings at $17.15 EPS, FY2026 earnings at $19.48 EPS and FY2028 earnings at $17.64 EPS.

Precision Drilling (TSE:PD) (NYSE:PDS) last posted its quarterly earnings results on Tuesday, July 30th. The company reported C$1.44 earnings per share for the quarter, topping analysts’ consensus estimates of C($0.85) by C$2.29. Precision Drilling had a return on equity of 15.01% and a net margin of 11.71%. The business had revenue of C$429.21 million for the quarter, compared to the consensus estimate of C$423.50 million.

PD has been the subject of several other reports. CIBC upped their target price on Precision Drilling from C$130.00 to C$140.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. BMO Capital Markets reduced their price objective on Precision Drilling from C$140.00 to C$130.00 in a report on Friday, October 4th. ATB Capital reduced their price objective on Precision Drilling from C$123.00 to C$113.00 in a report on Monday, September 23rd. TD Securities reduced their price objective on Precision Drilling from C$140.00 to C$120.00 and set a “buy” rating for the company in a report on Tuesday, October 8th. Finally, Royal Bank of Canada increased their price objective on Precision Drilling from C$122.00 to C$125.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Precision Drilling currently has a consensus rating of “Buy” and an average price target of C$126.90.

Precision Drilling Stock Performance

Shares of Precision Drilling stock opened at C$82.86 on Friday. The company has a market cap of C$1.17 billion, a PE ratio of 5.22, a price-to-earnings-growth ratio of -3.24 and a beta of 2.76. Precision Drilling has a 52 week low of C$67.46 and a 52 week high of C$109.20. The business has a 50 day moving average price of C$87.80 and a 200-day moving average price of C$93.58. The company has a quick ratio of 1.36, a current ratio of 1.51 and a debt-to-equity ratio of 56.37.

Insider Activity

In other news, Director David Williams sold 3,500 shares of Precision Drilling stock in a transaction dated Monday, August 26th. The stock was sold at an average price of C$100.01, for a total value of C$350,035.00. In related news, Director David Williams sold 3,500 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of C$100.01, for a total transaction of C$350,035.00. Also, Senior Officer Veronica H. Foley sold 5,335 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of C$99.49, for a total value of C$530,779.18. Insiders own 2.12% of the company’s stock.

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.