Raymond James Predicts Lower Earnings for Precision Drilling

Precision Drilling Co. (TSE:PD) (NYSE:PDS) – Investment analysts at Raymond James cut their FY2024 earnings estimates for shares of Precision Drilling in a research report issued on Wednesday, October 30th. Raymond James analyst M. Barth now forecasts that the company will post earnings per share of $9.04 for the year, down from their previous 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.

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

Precision Drilling Stock Down 1.7 %

TSE PD opened at C$83.63 on Friday. Precision Drilling has a twelve month low of C$67.46 and a twelve month high of C$109.20. The company has a debt-to-equity ratio of 56.37, a quick ratio of 1.36 and a current ratio of 1.51. The stock has a market cap of C$1.18 billion, a PE ratio of 5.22, a PEG ratio of -3.24 and a beta of 2.76. The firm has a 50-day simple moving average of C$88.00 and a 200 day simple moving average of C$93.71.

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

Insider Activity

In other Precision Drilling news, Senior Officer Veronica H. Foley sold 5,335 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of C$99.49, for a total transaction of C$530,779.18. In related news, Director David Williams sold 3,500 shares of the firm’s stock in a transaction on 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. 2.12% of the stock is currently owned by company insiders.

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.