Q3 2023 Earnings Forecast for Precision Drilling Co. (NYSE:PDS) Issued By Atb Cap Markets

Posted by on Sep 11th, 2023

Precision Drilling Co. (NYSE:PDS – Free Report) (TSE:PD) – Analysts at Atb Cap Markets decreased their Q3 2023 EPS estimates for Precision Drilling in a research note issued to investors on Thursday, September 7th. Atb Cap Markets analyst W. Syed now anticipates that the oil and gas company will earn $1.37 per share for the quarter, down from their previous forecast of $1.40. The consensus estimate for Precision Drilling’s current full-year earnings is $9.74 per share. Atb Cap Markets also issued estimates for Precision Drilling’s FY2023 earnings at $9.42 EPS, Q1 2024 earnings at $3.07 EPS, Q2 2024 earnings at $1.39 EPS, FY2024 earnings at $11.52 EPS, Q1 2025 earnings at $3.74 EPS and FY2025 earnings at $14.16 EPS.

Precision Drilling (NYSE:PDS – Get Free Report) (TSE:PD) last announced its quarterly earnings results on Thursday, July 27th. The oil and gas company reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.22. The firm had revenue of $316.89 million during the quarter, compared to the consensus estimate of $303.03 million. Precision Drilling had a return on equity of 12.05% and a net margin of 8.15%.

Several other analysts also recently issued reports on the stock. BMO Capital Markets increased their price objective on shares of Precision Drilling from C$100.00 to C$110.00 in a research report on Friday, July 28th. Piper Sandler raised their price target on shares of Precision Drilling from $90.00 to $107.00 and gave the company an “overweight” rating in a report on Monday, July 31st. StockNews.com initiated coverage on shares of Precision Drilling in a report on Thursday, August 17th. They issued a “strong-buy” rating on the stock. Benchmark upgraded Precision Drilling from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Finally, TD Securities boosted their price target on Precision Drilling from C$105.00 to C$125.00 in a research note on Friday, July 28th. Three investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Precision Drilling currently has a consensus rating of “Buy” and a consensus target price of $120.71.

Get Our Latest Analysis on Precision Drilling

Precision Drilling Price Performance

PDS stock opened at $70.20 on Monday. The firm has a market cap of $954.72 million, a P/E ratio of 9.90 and a beta of 2.43. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.35 and a current ratio of 1.48. Precision Drilling has a 1 year low of $41.56 and a 1 year high of $87.36. The stock has a 50-day simple moving average of $61.59 and a 200-day simple moving average of $53.63.

Institutional Investors Weigh In On Precision Drilling

A number of institutional investors have recently modified their holdings of the stock. Bank of Montreal Can bought a new stake in Precision Drilling in the second quarter valued at about $24,081,000. Encompass Capital Advisors LLC grew its position in shares of Precision Drilling by 28.6% in the 2nd quarter. Encompass Capital Advisors LLC now owns 742,285 shares of the oil and gas company’s stock worth $36,259,000 after acquiring an additional 165,013 shares in the last quarter. Driehaus Capital Management LLC grew its position in shares of Precision Drilling by 57.2% in the 4th quarter. Driehaus Capital Management LLC now owns 430,689 shares of the oil and gas company’s stock worth $32,989,000 after acquiring an additional 156,762 shares in the last quarter. NewGen Asset Management Ltd bought a new stake in shares of Precision Drilling in the 1st quarter valued at approximately $7,687,000. Finally, Bank of America Corp DE raised its position in shares of Precision Drilling by 160.3% during the 1st quarter. Bank of America Corp DE now owns 235,475 shares of the oil and gas company’s stock valued at $12,108,000 after acquiring an additional 145,027 shares in the last quarter. Institutional investors and hedge funds own 39.16% of the company’s stock.

Precision Drilling Company Profile

(Get Free Report)

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 in two segments, Contract Drilling Services and Completion and Production Services.

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

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