Precision Drilling (TSE:PD) Releases Quarterly Earnings Results

Precision Drilling (TSE:PD) (NYSE:PDS) released its quarterly earnings results on Wednesday. The company reported C($0.52) earnings per share for the quarter, FiscalAI reports. The business had revenue of C$452.80 million during the quarter. Precision Drilling had a negative return on equity of 0.94% and a negative net margin of 0.82%.

Precision Drilling Trading Down 7.0%

Precision Drilling stock traded down C$7.70 during trading on Wednesday, reaching C$102.98. 113,243 shares of the company were exchanged, compared to its average volume of 89,872. The company has a debt-to-equity ratio of 45.24, a current ratio of 1.70 and a quick ratio of 1.36. The stock’s 50 day simple moving average is C$120.76 and its two-hundred day simple moving average is C$121.35. The company has a market capitalization of C$1.33 billion, a P/E ratio of -99.02, a PEG ratio of -3.24 and a beta of 0.42. Precision Drilling has a 52-week low of C$72.87 and a 52-week high of C$143.81.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on PD shares. TD reduced their price target on shares of Precision Drilling from C$130.00 to C$124.00 and set a “hold” rating for the company in a research report on Monday, July 13th. National Bank Financial boosted their price objective on Precision Drilling from C$140.00 to C$150.00 and gave the stock a “sector perform” rating in a research note on Friday, May 1st. Raymond James Financial increased their target price on Precision Drilling from C$162.00 to C$165.00 and gave the company an “outperform” rating in a report on Friday, May 1st. Canadian Imperial Bank of Commerce raised their target price on Precision Drilling from C$150.00 to C$160.00 in a research report on Friday, May 1st. Finally, BMO Capital Markets lifted their price target on Precision Drilling from C$160.00 to C$165.00 in a research note on Thursday, April 30th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of C$150.25.

About Precision Drilling

Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha¿ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen¿ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations.