Q3 2023 Earnings Forecast for Precision Drilling Co. (NYSE:PDS) Issued By Stifel Firstegy

Precision Drilling Co. (NYSE:PDS) (TSE:PD) – Stock analysts at Stifel Firstegy decreased their Q3 2023 earnings per share estimates for shares of Precision Drilling in a research note issued on Thursday, September 7th. Stifel Firstegy analyst C. Pereira now forecasts that the oil and gas company will earn $2.72 per share for the quarter, down from their prior estimate of $2.86. The consensus estimate for Precision Drilling’s current full-year earnings is $9.74 per share. Stifel Firstegy also issued estimates for Precision Drilling’s Q4 2023 earnings at $2.72 EPS and FY2024 earnings at $14.12 EPS.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its quarterly earnings data on Thursday, July 27th. The oil and gas company reported $1.21 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.22. The company had revenue of $316.89 million for the quarter, compared to analyst estimates of $303.03 million. Precision Drilling had a net margin of 8.15% and a return on equity of 12.05%.

PDS has been the topic of a number of other research reports. Stifel Nicolaus increased their target price on Precision Drilling from C$130.00 to C$135.00 in a research note on Friday. StockNews.com started coverage on shares of Precision Drilling in a research note on Thursday, August 17th. They issued a “strong-buy” rating on the stock. TD Securities raised their price target on shares of Precision Drilling from C$105.00 to C$125.00 in a research report on Friday, July 28th. Piper Sandler boosted their price objective on shares of Precision Drilling from $90.00 to $107.00 and gave the company an “overweight” rating in a report on Monday, July 31st. Finally, Royal Bank of Canada raised their target price on shares of Precision Drilling from C$100.00 to C$118.00 in a report on Friday, July 28th. Three analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Precision Drilling currently has an average rating of “Buy” and an average price target of $120.71.

Precision Drilling Stock Up 2.3 %

Precision Drilling stock opened at $70.20 on Monday. Precision Drilling has a twelve month low of $41.56 and a twelve month high of $87.36. The stock has a market cap of $954.72 million, a P/E ratio of 9.90 and a beta of 2.43. The company’s 50-day moving average price is $61.59 and its two-hundred day moving average price is $53.63. The company has a quick ratio of 1.35, a current ratio of 1.48 and a debt-to-equity ratio of 0.71.

Institutional Trading of Precision Drilling

Institutional investors and hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. raised its position in Precision Drilling by 9.0% during the first quarter. JPMorgan Chase & Co. now owns 52,619 shares of the oil and gas company’s stock valued at $3,890,000 after purchasing an additional 4,346 shares in the last quarter. BlackRock Inc. raised its holdings in shares of Precision Drilling by 18.4% during the 1st quarter. BlackRock Inc. now owns 7,081 shares of the oil and gas company’s stock worth $523,000 after buying an additional 1,101 shares in the last quarter. Great West Life Assurance Co. Can bought a new stake in shares of Precision Drilling during the 1st quarter worth $27,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new stake in Precision Drilling in the first quarter valued at about $3,499,000. Finally, Cibc World Market Inc. grew its position in Precision Drilling by 13.5% in the first quarter. Cibc World Market Inc. now owns 7,704 shares of the oil and gas company’s stock valued at $569,000 after acquiring an additional 917 shares during the last quarter. Institutional investors own 39.16% 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 in two segments, Contract Drilling Services and Completion and Production Services.