Both Precision Drilling Corporation (NYSE: PDS) and the Toronto Stock Exchange (TSE: PD) have the following in common: Atb Capital Markets equity analysts raised their projections for Precision Drilling shares’ earnings per share (EPS) for the first quarter of 2023 in a note to investors that were distributed on Tuesday, January 3, 2019. W. Syed, an analyst at AT&T Cap Markets, predicts that the oil and gas business will now earn $2.96 per share for the quarter. This represents an increase from the previous estimate of $2.69 per share. According to the average estimate, the current earnings forecast for Precision Drilling’s full year is expected to come in at $0.34 per share. This is the company’s fourth-quarter earnings forecast. At Capital Markets projects that Precision Drilling will earn $1.61 per share in the second quarter of 2023, $3.83 per share in the second quarter of 2023, $4.23 per share in the second quarter of 2023, $12.62 per share in the fiscal year 2023, $4.20 per share in the third quarter of 2024, $4.56 per share in the fourth quarter of 2024, $15.97 per share in the fiscal year 2024, and $16.93 per share in the fiscal year.
On October 27 October 27, Precision Drilling (NYSE: PDS) (TSE: PD) disseminated the quarterly results report that the company had produced. The oil and gas company reported $1.56 per share earnings for the third quarter, which was $0.52 higher than the consensus estimate of industry analysts, who had predicted earnings of $1.04 per share for the period. The company’s most recent quarter’s revenue came in at $329.14 million, which is significantly higher than the consensus projection of $308.44 million for that quarter’s revenue. Precision Drilling’s return on equity and net margin were below zero, coming in at a negative 5.50% and 4.75%, respectively. Precision Drilling’s net margin came in at a negative 4.75%.
On Thursday morning, the opening price of PDS on the NYSE was $70.95 before the market opened. The moving average for the company over the past 50 days is $77.26, while the moving average over the last 200 days is $66.36. The current price-to-earnings ratio for the company is -17.48, and its beta value is 2.44; the market value for the company is $962.08 million. All three ratios—the current, quick, and debt-to-equity ratios—come in at 1.01. The current ratio is 1.45, and the quick ratio is 1.36. During the previous year, the cost of precision drilling ranged from $36.94 to $87.36 on average, with a low of $36.94 and a high of $87.36.
PDS was also discussed in papers that were written in the past. A report on the company’s market performance that StockNews.com published on October 30 shifted the investment advice for Precision Drilling from “hold” to “buy.” The report was on the market performance of the company. In a research report published on September 28 and September 28, Raymond James announced that the price target they had established for Precision Drilling shares had been reduced from C$130.00 to C$115.00. The previous target price was C$130.00. TheStreet improved Precision Drilling’s rating from “d+” to “c-” in a research report released on October 28. The report was published on Friday. Piper Sandler stated that they had increased their price objective on Precision Drilling stock to $128.00 in a research note published on November 1. Finally, Stifel Nicolaus increased their price objective on shares of Precision Drilling from C$140.00 (the previous level) to C$165.00 (the new level) in a research report published on Friday, October 28, October 28. This was the third and final change, and it was also the most significant. The stock has received three different recommendations to purchase ratings from equity research analysts: two have given it a buy recommendation, and one has given it a strong buy rating. The stock is currently being recommended with a “buy” rating on average, and analysts have agreed that a price target of $126.11 is appropriate. These numbers come from Bloomberg, which can be found online.
Institutional investors and hedge funds have recently been very active in the stock market, purchasing and selling shares back and forth. The Great West Life Assurance Company of Canada invested approximately $27,000 in purchasing a new precision drilling position over the first three months of 2018. During the third quarter, Tower Research Capital LLC (TRC) increased its holdings in Precision Drilling by a factor of 599.3%, bringing the total value of those holdings to a new high. During the period that is the subject of this report, Tower Research Capital LLC (TRC) acquired an additional 893 shares, bringing its total number of shares in the oil and gas company’s stock to 1,042. These shares have a value of $53,000. Because of this investment, US Bancorp DE increased its Precision Drilling holdings by 239.3% during the third quarter. US Bancorp DE now has 1,374 shares of the oil and gas company’s stock, valued at $70,000, after purchasing an additional 969 shares during the most recent period. This brings the total number of shares owned by US Bancorp DE to 1. The Shell Asset Management Company made a total investment of $96,000 in Precision Drilling during the second quarter. The Zurich Kantonalbank is the very last financial institution on the list. During the second fiscal quarter, Zurich Cantonalbank engaged the services of a new employee to work for Precision Drilling at a salary of approximately 102,000 Swiss francs. To the tune of 45.22 percent of the company’s stock, institutional investors are the owners of the company’s shares.
Onshore drilling, completion, and production services are some of the many things that Precision Drilling Corporation can offer to oil and gas exploration and production companies located in North America and the Middle East. Completion and Production Services and Contract Drilling Services are the two business divisions that form the corporation’s whole.