Brokerages Anticipate Precision Drilling Corp (NYSE:PDS) Will Post Quarterly Sales of $256.58 Million

Wall Street brokerages expect that Precision Drilling Corp (NYSE:PDS) (TSE:PD) will announce sales of $256.58 million for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Precision Drilling’s earnings, with estimates ranging from $245.05 million to $266.18 million. Precision Drilling reported sales of $256.30 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 0.1%. The business is expected to announce its next earnings results on Thursday, July 25th.

On average, analysts expect that Precision Drilling will report full-year sales of $1.20 billion for the current financial year, with estimates ranging from $1.16 billion to $1.24 billion. For the next financial year, analysts forecast that the company will report sales of $1.34 billion, with estimates ranging from $1.28 billion to $1.45 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Precision Drilling.

Several research analysts have commented on PDS shares. Raymond James reaffirmed a “buy” rating on shares of Precision Drilling in a research report on Wednesday, June 5th. BMO Capital Markets reaffirmed a “buy” rating on shares of Precision Drilling in a research report on Friday, April 26th. National Bank Financial reaffirmed a “buy” rating on shares of Precision Drilling in a research report on Tuesday, March 19th. CIBC reaffirmed a “buy” rating on shares of Precision Drilling in a research report on Tuesday, March 19th. Finally, Jefferies Financial Group downgraded Precision Drilling from a “buy” rating to a “hold” rating and dropped their price target for the stock from $3.00 to $2.60 in a research report on Friday, March 15th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and eleven have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $3.92.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC increased its position in shares of Precision Drilling by 10.9% during the fourth quarter. FMR LLC now owns 22,033,635 shares of the oil and gas company’s stock valued at $38,250,000 after purchasing an additional 2,158,932 shares during the period. Letko Brosseau & Associates Inc. grew its position in Precision Drilling by 0.5% in the first quarter. Letko Brosseau & Associates Inc. now owns 13,804,245 shares of the oil and gas company’s stock valued at $32,755,000 after acquiring an additional 67,810 shares during the period. Fiera Capital Corp grew its position in Precision Drilling by 1.3% in the first quarter. Fiera Capital Corp now owns 6,203,750 shares of the oil and gas company’s stock valued at $14,712,000 after acquiring an additional 80,300 shares during the period. AGF Investments Inc. grew its position in Precision Drilling by 18.1% in the fourth quarter. AGF Investments Inc. now owns 5,796,991 shares of the oil and gas company’s stock valued at $10,064,000 after acquiring an additional 886,800 shares during the period. Finally, Norges Bank bought a new stake in Precision Drilling in the fourth quarter valued at $9,130,000. Institutional investors and hedge funds own 43.37% of the company’s stock.

Shares of NYSE PDS opened at $1.83 on Wednesday. The company has a current ratio of 2.11, a quick ratio of 1.99 and a debt-to-equity ratio of 1.08. The stock has a 50 day simple moving average of $1.92. The company has a market cap of $558.18 million, a P/E ratio of -7.04 and a beta of 2.35. Precision Drilling has a 12 month low of $1.62 and a 12 month high of $4.12.

Precision Drilling Company Profile

Precision Drilling Corporation, an oilfield services company, 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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