Jefferies Group Equities Analysts Decrease Earnings Estimates for Precision Drilling Corp (PDS)

Precision Drilling Corp (NYSE:PDS) (TSE:PD) – Equities researchers at Jefferies Group reduced their FY2017 EPS estimates for Precision Drilling in a research report issued on Thursday. Jefferies Group analyst B. Handler now forecasts that the oil and gas company will post earnings of ($0.33) per share for the year, down from their prior forecast of ($0.30). Jefferies Group also issued estimates for Precision Drilling’s Q4 2017 earnings at ($0.10) EPS, Q2 2018 earnings at ($0.14) EPS, Q3 2018 earnings at ($0.07) EPS, FY2018 earnings at ($0.28) EPS, FY2019 earnings at $0.12 EPS and FY2020 earnings at $0.64 EPS.

Other equities analysts also recently issued research reports about the stock. TD Securities started coverage on shares of Precision Drilling in a research note on Monday, September 11th. They set a “buy” rating for the company. Piper Jaffray Companies set a $4.00 target price on shares of Precision Drilling and gave the stock a “buy” rating in a research note on Sunday, October 29th. Cowen set a $5.00 target price on shares of Precision Drilling and gave the stock a “buy” rating in a research note on Wednesday, October 18th. Zacks Investment Research upgraded shares of Precision Drilling from a “hold” rating to a “buy” rating and set a $3.50 target price for the company in a research note on Thursday. Finally, Deutsche Bank started coverage on shares of Precision Drilling in a research note on Tuesday, October 10th. They set a “hold” rating and a $4.00 target price for the company. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $4.73.

Precision Drilling (NYSE PDS) opened at $3.26 on Monday. The company has a market cap of $955.96, a price-to-earnings ratio of -10.87 and a beta of 1.74. The company has a debt-to-equity ratio of 0.96, a current ratio of 2.22 and a quick ratio of 2.10. Precision Drilling has a 12 month low of $2.26 and a 12 month high of $6.14.

Precision Drilling (NYSE:PDS) (TSE:PD) last posted its quarterly earnings results on Friday, October 27th. The oil and gas company reported ($0.07) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.09) by $0.02. The business had revenue of $314.50 million during the quarter, compared to the consensus estimate of $320.36 million. Precision Drilling had a negative net margin of 9.45% and a negative return on equity of 5.93%. The company’s quarterly revenue was up 47.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.16) earnings per share.

Hedge funds have recently modified their holdings of the stock. Highbridge Capital Management LLC lifted its position in Precision Drilling by 44.7% in the third quarter. Highbridge Capital Management LLC now owns 1,500,000 shares of the oil and gas company’s stock valued at $4,654,000 after acquiring an additional 463,200 shares during the last quarter. AGF Investments Inc. lifted its position in Precision Drilling by 21.7% in the third quarter. AGF Investments Inc. now owns 1,871,291 shares of the oil and gas company’s stock valued at $5,819,000 after acquiring an additional 334,000 shares during the last quarter. TD Asset Management Inc. lifted its position in Precision Drilling by 2.3% in the third quarter. TD Asset Management Inc. now owns 5,892,703 shares of the oil and gas company’s stock valued at $18,284,000 after acquiring an additional 134,087 shares during the last quarter. Ameriprise Financial Inc. lifted its position in Precision Drilling by 9.8% in the second quarter. Ameriprise Financial Inc. now owns 562,368 shares of the oil and gas company’s stock valued at $1,918,000 after acquiring an additional 50,010 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in Precision Drilling by 7.3% in the second quarter. Vanguard Group Inc. now owns 6,074,303 shares of the oil and gas company’s stock valued at $20,712,000 after acquiring an additional 413,573 shares during the last quarter. Hedge funds and other institutional investors own 49.23% of the company’s stock.

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About Precision Drilling

Precision Drilling Corporation (Precision) is an oilfield services company. The Company provides onshore drilling and completion and production services to exploration and production companies in the oil and natural gas industry. The Company operates through two segments: Contract Drilling Services, and Completion and Production Services.

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

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