Zacks: Analysts Expect Precision Drilling Corp (PDS) Will Announce Quarterly Sales of $306.54 Million

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Analysts expect that Precision Drilling Corp (NYSE:PDS) (TSE:PD) will post $306.54 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Precision Drilling’s earnings, with the lowest sales estimate coming in at $301.80 million and the highest estimate coming in at $311.80 million. Precision Drilling posted sales of $250.82 million in the same quarter last year, which suggests a positive year-over-year growth rate of 22.2%. The business is scheduled to issue its next earnings report before the market opens on Thursday, October 25th.

On average, analysts expect that Precision Drilling will report full-year sales of $1.19 billion for the current financial year, with estimates ranging from $1.17 billion to $1.21 billion. For the next financial year, analysts forecast that the company will report sales of $1.34 billion, with estimates ranging from $1.24 billion to $1.42 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Precision Drilling.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its quarterly earnings results on Thursday, July 26th. The oil and gas company reported ($0.12) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.11) by ($0.01). The business had revenue of $330.70 million for the quarter, compared to analyst estimates of $320.66 million. Precision Drilling had a negative return on equity of 6.23% and a negative net margin of 9.92%. The company’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.12) EPS.

A number of brokerages recently issued reports on PDS. TD Securities lowered Precision Drilling to a “buy” rating in a research report on Wednesday, September 5th. Jefferies Financial Group set a $5.00 target price on Precision Drilling and gave the company a “buy” rating in a research report on Monday, July 30th. Zacks Investment Research lowered Precision Drilling from a “buy” rating to a “hold” rating in a research report on Tuesday, July 17th. Credit Suisse Group lifted their target price on Precision Drilling from $3.80 to $3.90 and gave the company a “neutral” rating in a research report on Friday, July 27th. Finally, Morgan Stanley raised Precision Drilling from an “equal weight” rating to an “overweight” rating and set a $4.25 target price on the stock in a research report on Thursday, July 12th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $4.58.

Shares of NYSE PDS traded down $0.02 during mid-day trading on Tuesday, reaching $2.87. 63,562 shares of the company’s stock were exchanged, compared to its average volume of 1,479,942. The firm has a market cap of $869.59 million, a P/E ratio of -10.52 and a beta of 1.87. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.79 and a quick ratio of 1.65. Precision Drilling has a twelve month low of $2.26 and a twelve month high of $4.14.

A number of hedge funds have recently bought and sold shares of PDS. JPMorgan Chase & Co. grew its stake in Precision Drilling by 1,439.4% in the first quarter. JPMorgan Chase & Co. now owns 159,621 shares of the oil and gas company’s stock valued at $443,000 after purchasing an additional 149,252 shares in the last quarter. Russell Investments Group Ltd. bought a new position in Precision Drilling in the first quarter valued at approximately $2,446,000. A.R.T. Advisors LLC grew its stake in Precision Drilling by 190.5% in the first quarter. A.R.T. Advisors LLC now owns 729,700 shares of the oil and gas company’s stock valued at $2,021,000 after purchasing an additional 478,500 shares in the last quarter. Element Capital Management LLC bought a new position in Precision Drilling in the first quarter valued at approximately $184,000. Finally, Point72 Asset Management L.P. bought a new position in Precision Drilling in the first quarter valued at approximately $5,902,000. Hedge funds and other institutional investors own 50.77% of the company’s stock.

Precision Drilling Company Profile

Precision Drilling Corporation 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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