$274.89 Million in Sales Expected for Precision Drilling Corp (PDS) This Quarter

Wall Street brokerages expect Precision Drilling Corp (NYSE:PDS) (TSE:PD) to post sales of $274.89 million for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for Precision Drilling’s earnings. The lowest sales estimate is $249.60 million and the highest is $318.58 million. Precision Drilling posted sales of $212.64 million during the same quarter last year, which indicates a positive year-over-year growth rate of 29.3%. The firm is expected to issue its next earnings results on Thursday, February 8th.

According to Zacks, analysts expect that Precision Drilling will report full year sales of $274.89 million for the current financial year, with estimates ranging from $999.10 million to $1.10 billion. For the next year, analysts expect that the business will report sales of $1.18 billion per share, with estimates ranging from $1.04 billion to $1.41 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that follow Precision Drilling.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its 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 company had revenue of $314.50 million during the quarter, compared to analysts’ expectations of $320.36 million. Precision Drilling had a negative net margin of 9.45% and a negative return on equity of 5.93%. The business’s revenue was up 47.2% on a year-over-year basis. During the same quarter last year, the business earned ($0.16) EPS.

PDS has been the subject of a number of research analyst reports. Zacks Investment Research downgraded shares of Precision Drilling from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. Deutsche Bank initiated coverage on shares of Precision Drilling in a report on Tuesday, October 10th. They issued a “hold” rating and a $4.00 price target for the company. Cowen set a $5.00 price target on shares of Precision Drilling and gave the company a “buy” rating in a report on Wednesday, October 18th. Scotiabank downgraded shares of Precision Drilling from a “sector perform” rating to an “underperform” rating in a report on Tuesday, November 7th. Finally, Piper Jaffray Companies set a $4.00 price target on shares of Precision Drilling and gave the company a “buy” rating in a report on Sunday, October 29th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $4.73.

A number of large investors have recently bought and sold shares of the business. FMR LLC increased its holdings in Precision Drilling by 22.1% during the 2nd quarter. FMR LLC now owns 16,603,054 shares of the oil and gas company’s stock valued at $56,719,000 after acquiring an additional 3,007,124 shares in the last quarter. Vanguard Group Inc. increased its holdings in Precision Drilling by 7.3% during the 2nd 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 in the last quarter. TD Asset Management Inc. increased its holdings in Precision Drilling by 2.3% during the 3rd 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 in the last quarter. AGF Investments Inc. increased its holdings in Precision Drilling by 21.7% during the 3rd 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 in the last quarter. Finally, Ninepoint Partners LP purchased a new position in Precision Drilling during the 3rd quarter valued at about $5,460,000. Hedge funds and other institutional investors own 49.23% of the company’s stock.

Precision Drilling (NYSE PDS) opened at $3.71 on Friday. The company has a quick ratio of 2.10, a current ratio of 2.22 and a debt-to-equity ratio of 0.96. The stock has a market cap of $1,090.00, a PE ratio of -11.59 and a beta of 1.77. Precision Drilling has a twelve month low of $2.26 and a twelve month high of $6.07.

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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.

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

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