Precision Drilling (NYSE:PDS) Posts Quarterly Earnings Results, Misses Expectations By $0.12 EPS

Precision Drilling (NYSE:PDS) (TSE:PD) released its quarterly earnings data on Thursday. The oil and gas company reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.00 by ($0.12), reports. Precision Drilling had a return on equity of 10.44% and a net margin of 12.00%. The business had revenue of $391.51 million during the quarter, compared to analyst estimates of $399.44 million.

Precision Drilling Price Performance

PDS opened at $72.35 on Friday. The firm has a market cap of $1.05 billion, a price-to-earnings ratio of 6.36 and a beta of 2.11. The company has a current ratio of 1.40, a quick ratio of 1.30 and a debt-to-equity ratio of 0.58. Precision Drilling has a twelve month low of $41.56 and a twelve month high of $77.21. The company has a fifty day simple moving average of $66.23 and a 200 day simple moving average of $60.64.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP grew its holdings in Precision Drilling by 25.0% during the 4th quarter. Wellington Management Group LLP now owns 86,114 shares of the oil and gas company’s stock worth $4,700,000 after acquiring an additional 17,214 shares in the last quarter. CIBC Asset Management Inc grew its holdings in Precision Drilling by 7.3% during the 4th quarter. CIBC Asset Management Inc now owns 13,057 shares of the oil and gas company’s stock worth $711,000 after acquiring an additional 892 shares in the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in Precision Drilling during the 4th quarter worth $446,000. Alberta Investment Management Corp acquired a new position in Precision Drilling during the 4th quarter worth $229,000. Finally, Bank of Nova Scotia lifted its position in shares of Precision Drilling by 3.0% in the 4th quarter. Bank of Nova Scotia now owns 26,798 shares of the oil and gas company’s stock worth $1,455,000 after buying an additional 777 shares during the last quarter. 48.86% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. StockNews.com lowered shares of Precision Drilling from a “buy” rating to a “hold” rating in a research report on Friday. Piper Sandler lowered their price target on shares of Precision Drilling from $100.00 to $81.00 and set an “overweight” rating for the company in a report on Tuesday, February 20th. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Precision Drilling currently has a consensus rating of “Moderate Buy” and an average target price of $115.17.

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.