FY2024 Earnings Estimate for PDS Issued By Raymond James

Precision Drilling Co. (NYSE:PDS) (TSE:PD) – Equities research analysts at Raymond James lowered their FY2024 earnings per share (EPS) estimates for shares of Precision Drilling in a research note issued to investors on Wednesday, October 30th. Raymond James analyst M. Barth now anticipates that the oil and gas company will post earnings of $6.51 per share for the year, down from their prior estimate of $6.75. The consensus estimate for Precision Drilling’s current full-year earnings is $6.57 per share. Raymond James also issued estimates for Precision Drilling’s FY2025 earnings at $12.35 EPS and FY2028 earnings at $12.70 EPS.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its earnings results on Tuesday, July 30th. The oil and gas company reported $1.44 EPS for the quarter, topping the consensus estimate of ($0.62) by $2.06. Precision Drilling had a net margin of 12.52% and a return on equity of 10.06%. The firm had revenue of $429.20 million for the quarter, compared to analysts’ expectations of $310.13 million. During the same quarter last year, the firm earned $1.21 EPS. The company’s quarterly revenue was up .8% compared to the same quarter last year.

Several other research firms have also recently commented on PDS. StockNews.com raised shares of Precision Drilling from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. Piper Sandler lifted their price target on shares of Precision Drilling from $95.00 to $112.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd.

Precision Drilling Price Performance

Precision Drilling stock opened at $59.25 on Friday. Precision Drilling has a 52 week low of $49.67 and a 52 week high of $79.07. The company’s 50 day moving average price is $63.93 and its two-hundred day moving average price is $68.02. The company has a quick ratio of 1.39, a current ratio of 1.54 and a debt-to-equity ratio of 0.47. The stock has a market cap of $833.35 million, a P/E ratio of 5.01 and a beta of 1.96.

Institutional Investors Weigh In On Precision Drilling

Hedge funds have recently modified their holdings of the stock. Squarepoint Ops LLC bought a new stake in shares of Precision Drilling in the 2nd quarter worth approximately $210,000. Point72 Asset Management L.P. raised its holdings in Precision Drilling by 31.1% during the 2nd quarter. Point72 Asset Management L.P. now owns 57,949 shares of the oil and gas company’s stock valued at $4,073,000 after acquiring an additional 13,749 shares during the period. Nicola Wealth Management LTD. raised its holdings in Precision Drilling by 75.0% during the 2nd quarter. Nicola Wealth Management LTD. now owns 28,000 shares of the oil and gas company’s stock valued at $1,970,000 after acquiring an additional 12,000 shares during the period. Versor Investments LP bought a new stake in Precision Drilling during the 2nd quarter valued at $527,000. Finally, Dimensional Fund Advisors LP raised its holdings in Precision Drilling by 16.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 201,625 shares of the oil and gas company’s stock valued at $14,182,000 after acquiring an additional 28,947 shares during the period. 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.