Precision Drilling (NYSE:PDS) Announces Quarterly Earnings Results

Key Points

• Precision Drilling reported earnings of $0.77 per share for the quarter, significantly exceeding analysts' expectations of $0.06 by $0.71.
• Despite strong earnings, Precision Drilling's stock fell 1.2% to $52.69, with performance reflecting its current P/E ratio of 10.60 and market cap of $703.42 million.
• Goldman Sachs increased its holdings in Precision Drilling by 28.4% in the first quarter, highlighting institutional investor interest in the company.

Precision Drilling (NYSE:PDS - Get Free Report) TSE: PD posted its quarterly earnings data on Tuesday. The oil and gas company reported $0.77 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.79, Zacks reports. The business had revenue of $299.14 million during the quarter, compared to the consensus estimate of $435.47 million. Precision Drilling had a net margin of 5.67% and a return on equity of 6.21%.

Precision Drilling Price Performance

NYSE PDS traded down $2.17 on Friday, reaching $54.15. The company's stock had a trading volume of 76,603 shares, compared to its average volume of 95,053. Precision Drilling has a twelve month low of $36.20 and a twelve month high of $75.19. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.82 and a current ratio of 1.01. The stock has a market cap of $719.65 million, a PE ratio of 11.40 and a beta of 1.15. The firm's 50 day moving average is $49.39 and its two-hundred day moving average is $48.86.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Raymond James Financial downgraded shares of Precision Drilling from a "strong-buy" rating to an "outperform" rating in a report on Wednesday, April 9th. Piper Sandler assumed coverage on shares of Precision Drilling in a report on Tuesday, July 15th. They issued an "overweight" rating and a $72.00 price objective for the company. Finally, Royal Bank Of Canada upped their price objective on shares of Precision Drilling from $89.00 to $100.00 and gave the stock an "outperform" rating in a report on Thursday. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, Precision Drilling currently has an average rating of "Moderate Buy" and an average price target of $86.00.

Institutional Investors Weigh In On Precision Drilling

An institutional investor recently raised its position in Precision Drilling stock. Goldman Sachs Group Inc. raised its holdings in Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 28.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 138,896 shares of the oil and gas company's stock after acquiring an additional 30,690 shares during the quarter. Goldman Sachs Group Inc. owned 1.03% of Precision Drilling worth $6,475,000 as of its most recent filing with the Securities and Exchange Commission. 48.86% of the stock is owned by institutional investors and hedge funds.

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.