Q3 2024 Earnings Forecast for Precision Drilling Co. Issued By Atb Cap Markets (NYSE:PDS)

Precision Drilling Co. (NYSE:PDS) (TSE:PD) – Stock analysts at Atb Cap Markets dropped their Q3 2024 earnings per share estimates for shares of Precision Drilling in a research report issued to clients and investors on Thursday, June 27th. Atb Cap Markets analyst W. Syed now anticipates that the oil and gas company will earn $1.85 per share for the quarter, down from their prior estimate of $2.03. The consensus estimate for Precision Drilling’s current full-year earnings is $6.21 per share. Atb Cap Markets also issued estimates for Precision Drilling’s Q3 2025 earnings at $2.81 EPS.

Other analysts have also issued research reports about the stock. StockNews.com cut shares of Precision Drilling from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Piper Sandler upped their price target on shares of Precision Drilling from $81.00 to $101.00 and gave the stock an “overweight” rating in a research report on Monday, May 6th. 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 company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $118.50.

Precision Drilling Stock Performance

PDS stock opened at $69.29 on Monday. The firm has a 50-day simple moving average of $69.92 and a two-hundred day simple moving average of $64.52. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.59 and a current ratio of 1.71. Precision Drilling has a one year low of $46.29 and a one year high of $77.21. The firm has a market cap of $990.85 million, a price-to-earnings ratio of 6.09 and a beta of 2.03.

Precision Drilling (NYSE:PDS) (TSE:PD) last issued its earnings results on Thursday, April 25th. The oil and gas company reported $1.88 EPS for the quarter, missing analysts’ consensus estimates of $2.00 by ($0.12). Precision Drilling had a return on equity of 10.10% and a net margin of 12.00%. The company had revenue of $391.51 million during the quarter, compared to the consensus estimate of $399.44 million.

Institutional Investors Weigh In On Precision Drilling

Institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP bought a new position in Precision Drilling during the 3rd quarter valued at $4,638,000. Ninepoint Partners LP acquired a new position in shares of Precision Drilling in the fourth quarter worth $74,649,000. Greatmark Investment Partners Inc. grew its stake in Precision Drilling by 25.1% in the fourth quarter. Greatmark Investment Partners Inc. now owns 59,627 shares of the oil and gas company’s stock valued at $3,237,000 after purchasing an additional 11,955 shares in the last quarter. Franklin Resources Inc. increased its position in Precision Drilling by 8.1% in the 4th quarter. Franklin Resources Inc. now owns 48,957 shares of the oil and gas company’s stock worth $2,658,000 after purchasing an additional 3,683 shares during the last quarter. Finally, Intact Investment Management Inc. raised its stake in shares of Precision Drilling by 4.8% during the 4th quarter. Intact Investment Management Inc. now owns 85,850 shares of the oil and gas company’s stock worth $4,662,000 after purchasing an additional 3,900 shares in the last quarter. 48.86% of the stock is currently owned by institutional investors.

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.