FY2024 EPS Estimates for Precision Drilling Co. (NYSE:PDS) Reduced by Raymond James

Precision Drilling Co. (NYSE:PDS) (TSE:PD) – Raymond James lowered their FY2024 earnings estimates for Precision Drilling in a research note issued on Friday, April 26th. Raymond James analyst M. Barth now anticipates that the oil and gas company will post earnings per share of $8.67 for the year, down from their prior forecast of $8.73. The consensus estimate for Precision Drilling’s current full-year earnings is $6.38 per share. Raymond James also issued estimates for Precision Drilling’s FY2025 earnings at $12.11 EPS and FY2028 earnings at $14.69 EPS.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings results on Thursday, April 25th. The oil and gas company reported $1.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.00 by ($0.12). Precision Drilling had a net margin of 12.00% and a return on equity of 10.44%. The company had revenue of $391.51 million for the quarter, compared to analyst estimates of $399.44 million.

A number of other equities research analysts also recently issued reports on PDS. Piper Sandler reduced their price target on shares of Precision Drilling from $100.00 to $81.00 and set an “overweight” rating for the company in a research report on Tuesday, February 20th. StockNews.com downgraded Precision Drilling from a “buy” rating to a “hold” rating in a research report on Friday. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $115.17.

Precision Drilling Price Performance

PDS stock opened at $72.30 on Monday. The firm has a 50 day moving average of $66.23 and a 200-day moving average of $60.62. Precision Drilling has a 12-month low of $41.56 and a 12-month high of $77.21. The company has a current ratio of 1.40, a quick ratio of 1.30 and a debt-to-equity ratio of 0.58. The company has a market cap of $1.05 billion, a price-to-earnings ratio of 6.35 and a beta of 2.11.

Institutional Trading of Precision Drilling

Several institutional investors have recently made changes to their positions in PDS. Ninepoint Partners LP purchased a new stake in shares of Precision Drilling during the 4th quarter valued at $74,649,000. Acadian Asset Management LLC boosted its position in Precision Drilling by 95.0% during the 3rd quarter. Acadian Asset Management LLC now owns 466,048 shares of the oil and gas company’s stock worth $31,344,000 after purchasing an additional 227,077 shares during the period. American Century Companies Inc. boosted its position in Precision Drilling by 1,501.2% during the 3rd quarter. American Century Companies Inc. now owns 223,116 shares of the oil and gas company’s stock worth $14,950,000 after purchasing an additional 209,182 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its position in Precision Drilling by 172.3% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 188,400 shares of the oil and gas company’s stock worth $12,623,000 after purchasing an additional 119,200 shares during the period. Finally, Wellington Management Group LLP purchased a new stake in Precision Drilling during the 3rd quarter worth $4,638,000. 48.86% of the stock is owned by hedge funds and other institutional investors.

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.