Zacks: Analysts Anticipate Precision Drilling Corp (PDS) to Post -$0.07 Earnings Per Share

Wall Street analysts predict that Precision Drilling Corp (NYSE:PDS) (TSE:PD) will report earnings of ($0.07) per share for the current fiscal quarter, according to Zacks Investment Research. Six analysts have provided estimates for Precision Drilling’s earnings, with estimates ranging from ($0.10) to ($0.04). Precision Drilling reported earnings per share of ($0.12) in the same quarter last year, which suggests a positive year over year growth rate of 41.7%. The company is scheduled to announce its next quarterly earnings report on Thursday, July 25th.

According to Zacks, analysts expect that Precision Drilling will report full year earnings of ($0.09) per share for the current financial year, with EPS estimates ranging from ($0.17) to ($0.02). For the next fiscal year, analysts forecast that the business will report earnings of $0.04 per share, with EPS estimates ranging from ($0.12) to $0.14. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side research analysts that follow Precision Drilling.

Several equities research analysts have issued reports on PDS shares. Jefferies Financial Group lowered shares of Precision Drilling from a “buy” rating to a “hold” rating and dropped their target price for the company from $3.00 to $2.60 in a research report on Friday, March 15th. Raymond James upgraded Precision Drilling from an “outperform” rating to a “strong-buy” rating in a research note on Wednesday, January 30th. BMO Capital Markets restated a “buy” rating on shares of Precision Drilling in a research note on Friday, April 26th. Zacks Investment Research downgraded Precision Drilling from a “hold” rating to a “sell” rating in a research note on Friday, January 25th. Finally, National Bank Financial restated a “buy” rating on shares of Precision Drilling in a research note on Tuesday, March 19th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. Precision Drilling currently has a consensus rating of “Buy” and a consensus target price of $3.92.

Shares of PDS stock traded down $0.05 during trading hours on Friday, reaching $2.18. The stock had a trading volume of 12,600 shares, compared to its average volume of 1,031,816. The company has a current ratio of 2.11, a quick ratio of 1.99 and a debt-to-equity ratio of 1.08. Precision Drilling has a 12 month low of $1.62 and a 12 month high of $4.14. The firm has a market capitalization of $655.13 million, a P/E ratio of -8.56 and a beta of 2.27.

Several hedge funds and other institutional investors have recently bought and sold shares of PDS. Gotham Asset Management LLC increased its stake in Precision Drilling by 3.2% in the 4th quarter. Gotham Asset Management LLC now owns 316,140 shares of the oil and gas company’s stock valued at $550,000 after purchasing an additional 9,878 shares in the last quarter. Foundation Resource Management Inc. increased its holdings in shares of Precision Drilling by 2.0% during the first quarter. Foundation Resource Management Inc. now owns 523,182 shares of the oil and gas company’s stock worth $1,250,000 after buying an additional 10,074 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Precision Drilling by 6.4% during the third quarter. Legal & General Group Plc now owns 327,561 shares of the oil and gas company’s stock worth $1,131,000 after buying an additional 19,746 shares in the last quarter. DORCHESTER WEALTH MANAGEMENT Co increased its holdings in shares of Precision Drilling by 174.7% during the fourth quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 31,450 shares of the oil and gas company’s stock worth $55,000 after buying an additional 20,000 shares in the last quarter. Finally, Evergreen Capital Management LLC acquired a new stake in shares of Precision Drilling during the first quarter worth approximately $54,000. Hedge funds and other institutional investors own 47.35% of the company’s stock.

About Precision Drilling

Precision Drilling Corporation, an oilfield services company, provides oil and natural gas drilling and related services and products. The company operates in two segments, Contract Drilling Services, and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry.

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Earnings History and Estimates for Precision Drilling (NYSE:PDS)

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