Q2 2024 EPS Estimates for Precision Drilling Co. Reduced by Analyst (NYSE:PDS)

Precision Drilling Co. (NYSE:PDS - Free Report) TSE: PD - Analysts at Atb Cap Markets decreased their Q2 2024 EPS estimates for shares of Precision Drilling in a research note issued to investors on Sunday, April 7th. Atb Cap Markets analyst W. Syed now anticipates that the oil and gas company will post earnings per share of $0.15 for the quarter, down from their prior forecast of $0.24. The consensus estimate for Precision Drilling's current full-year earnings is $6.82 per share. Atb Cap Markets also issued estimates for Precision Drilling's Q4 2024 earnings at $2.62 EPS, FY2024 earnings at $6.02 EPS and FY2026 earnings at $10.57 EPS.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD last released its quarterly earnings data on Tuesday, February 6th. The oil and gas company reported $3.45 earnings per share for the quarter, beating the consensus estimate of $2.09 by $1.36. The firm had revenue of $372.34 million during the quarter, compared to analysts' expectations of $355.78 million. Precision Drilling had a net margin of 14.87% and a return on equity of 14.81%.

Separately, Piper Sandler dropped 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. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $118.00.

Precision Drilling Stock Performance

NYSE PDS traded down $0.10 during trading hours on Wednesday, hitting $75.42. 73,893 shares of the company's stock traded hands, compared to its average volume of 83,733. The firm has a market capitalization of $1.09 billion, a P/E ratio of 5.54 and a beta of 2.11. Precision Drilling has a 52 week low of $41.56 and a 52 week high of $77.21. The business's fifty day moving average price is $64.28 and its two-hundred day moving average price is $60.09. The company has a current ratio of 1.40, a quick ratio of 1.30 and a debt-to-equity ratio of 0.58.

Hedge Funds Weigh In On Precision Drilling

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP raised its stake in Precision Drilling by 25.0% during the fourth quarter. Wellington Management Group LLP now owns 86,114 shares of the oil and gas company's stock valued at $4,700,000 after purchasing an additional 17,214 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Precision Drilling by 23.1% in the fourth quarter. Legal & General Group Plc now owns 12,269 shares of the oil and gas company's stock valued at $670,000 after acquiring an additional 2,300 shares during the period. Voloridge Investment Management LLC purchased a new stake in shares of Precision Drilling in the fourth quarter valued at $983,000. Nuveen Asset Management LLC purchased a new stake in shares of Precision Drilling in the fourth quarter valued at $645,000. Finally, Oberweis Asset Management Inc. purchased a new stake in shares of Precision Drilling in the fourth quarter valued at $3,241,000. Institutional investors own 48.86% of the company's stock.

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.