Brokerages expect Precision Drilling Corp (NYSE:PDS) (TSE:PD) to post $308.62 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Precision Drilling’s earnings. The highest sales estimate is $329.08 million and the lowest is $288.15 million. Precision Drilling reported sales of $326.52 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 5.5%. The business is expected to report its next quarterly earnings report on Thursday, April 23rd.
On average, analysts expect that Precision Drilling will report full year sales of $1.11 billion for the current year, with estimates ranging from $1.05 billion to $1.15 billion. For the next financial year, analysts anticipate that the company will post sales of $1.14 billion, with estimates ranging from $1.00 billion to $1.20 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Precision Drilling.
PDS has been the subject of several research analyst reports. Wolfe Research initiated coverage on Precision Drilling in a research report on Wednesday, November 27th. They set a “market perform” rating for the company. Scotiabank raised Precision Drilling from an “underperform” rating to a “hold” rating and set a $1.50 price objective for the company in a research report on Friday, November 29th. Finally, Zacks Investment Research cut Precision Drilling from a “buy” rating to a “hold” rating in a research report on Wednesday, January 29th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Precision Drilling has a consensus rating of “Buy” and an average target price of $1.99.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Man Group plc acquired a new position in Precision Drilling during the 3rd quarter worth $28,000. UBS Asset Management Americas Inc. lifted its holdings in Precision Drilling by 13.5% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 185,150 shares of the oil and gas company’s stock worth $349,000 after buying an additional 22,000 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Precision Drilling by 5.9% during the 2nd quarter. Vanguard Group Inc. now owns 8,014,541 shares of the oil and gas company’s stock worth $15,148,000 after buying an additional 449,089 shares in the last quarter. Wedge Capital Management L L P NC lifted its holdings in Precision Drilling by 3.4% during the 4th quarter. Wedge Capital Management L L P NC now owns 903,462 shares of the oil and gas company’s stock worth $1,265,000 after buying an additional 29,988 shares in the last quarter. Finally, Lindbrook Capital LLC lifted its holdings in Precision Drilling by 590.5% during the 4th quarter. Lindbrook Capital LLC now owns 47,637 shares of the oil and gas company’s stock worth $67,000 after buying an additional 40,738 shares in the last quarter. 36.62% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE PDS traded down $0.04 during trading hours on Friday, hitting $1.38. 731,900 shares of the company’s stock were exchanged, compared to its average volume of 760,348. Precision Drilling has a 1-year low of $0.99 and a 1-year high of $3.01. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.85 and a quick ratio of 1.73. The stock has a market capitalization of $346.63 million, a price-to-earnings ratio of -2.76 and a beta of 2.46. The company’s 50-day moving average price is $1.36 and its 200-day moving average price is $1.25.
About Precision Drilling
Precision Drilling Corporation, an oilfield services company, provides oil and natural gas drilling and related services and products. The company operates in two segments, Contract Drilling Services, and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry.
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