Precision Drilling (NYSE:PDS) Issues Earnings Results

Key Points

• Precision Drilling reported a loss of ($0.37) earnings per share, significantly missing analyst expectations of $0.95 by ($1.32).
• Despite the earnings miss, PDS stock rose 2.7% during trading, reaching $56.31.
• Wall Street analysts have mixed ratings on the stock, with a consensus target price of $87.00 and ratings ranging from "buy" to "hold."

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD released its quarterly earnings data on Wednesday. The oil and gas company reported ($0.37) earnings per share for the quarter, missing analysts' consensus estimates of $0.95 by ($1.32), Zacks reports. Precision Drilling had a net margin of 5.67% and a return on equity of 6.21%.

Precision Drilling Trading Up 2.7%

Shares of PDS stock traded up $1.50 during trading on Wednesday, hitting $56.31. 93,990 shares of the stock traded hands, compared to its average volume of 106,646. The firm has a market capitalization of $741.71 million, a P/E ratio of 11.85 and a beta of 1.11. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.01 and a quick ratio of 0.90. The firm's fifty day moving average price is $56.49 and its 200-day moving average price is $50.30. Precision Drilling has a 52-week low of $36.20 and a 52-week high of $67.35.

Institutional Trading of Precision Drilling

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. lifted its stake in Precision Drilling by 28.4% during the first quarter. Goldman Sachs Group Inc. now owns 138,896 shares of the oil and gas company's stock worth $6,475,000 after purchasing an additional 30,690 shares in the last quarter. Orion Resource Partners LP acquired a new position in Precision Drilling during the 2nd quarter worth about $642,000. Geode Capital Management LLC boosted its holdings in Precision Drilling by 20.3% during the 2nd quarter. Geode Capital Management LLC now owns 65,512 shares of the oil and gas company's stock valued at $3,095,000 after acquiring an additional 11,056 shares during the period. Lighthouse Investment Partners LLC acquired a new position in Precision Drilling in the 2nd quarter valued at about $499,000. Finally, Creative Planning acquired a new position in Precision Drilling in the 2nd quarter valued at about $378,000. Hedge funds and other institutional investors own 48.86% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on PDS shares. Piper Sandler reaffirmed an "overweight" rating and issued a $74.00 price objective (up previously from $72.00) on shares of Precision Drilling in a report on Thursday, August 14th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Precision Drilling in a report on Wednesday, October 8th. Zacks Research downgraded shares of Precision Drilling from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 15th. Wall Street Zen upgraded Precision Drilling from a "hold" rating to a "buy" rating in a report on Saturday. Finally, Royal Bank Of Canada increased their target price on Precision Drilling from $89.00 to $100.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Precision Drilling presently has a consensus rating of "Moderate Buy" and a consensus target price of $87.00.

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.

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