Zacks: Analysts Expect Precision Drilling Corp (NYSE:PDS) to Post -$0.13 Earnings Per Share

Equities research analysts expect Precision Drilling Corp (NYSE:PDS) (TSE:PD) to post earnings of ($0.13) per share for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Precision Drilling’s earnings, with the highest EPS estimate coming in at ($0.04) and the lowest estimate coming in at ($0.17). Precision Drilling reported earnings of ($0.04) per share in the same quarter last year, which indicates a negative year over year growth rate of 225%. The firm is expected to announce its next earnings report on Thursday, July 23rd.

On average, analysts expect that Precision Drilling will report full-year earnings of ($0.38) per share for the current fiscal year, with EPS estimates ranging from ($0.50) to ($0.14). For the next year, analysts forecast that the business will post earnings of ($0.49) per share, with EPS estimates ranging from ($0.75) to ($0.21). Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side analysts that follow Precision Drilling.

Precision Drilling (NYSE:PDS) (TSE:PD) last released its earnings results on Thursday, April 30th. The oil and gas company reported ($0.01) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.01. Precision Drilling had a negative return on equity of 0.47% and a negative net margin of 1.59%. The firm had revenue of $282.95 million for the quarter, compared to the consensus estimate of $262.25 million.

PDS has been the topic of a number of research reports. AltaCorp Capital lowered Precision Drilling from an “outperform” rating to a “sector perform” rating in a report on Thursday, March 12th. Canaccord Genuity increased their price target on Precision Drilling from $0.90 to $1.25 and gave the company a “hold” rating in a report on Thursday, June 18th. TD Securities cut Precision Drilling to a “buy” rating in a research note on Friday, May 1st. Wolfe Research cut Precision Drilling from a “peer perform” rating to an “underperform” rating in a research note on Thursday, March 19th. Finally, National Bank Financial reaffirmed an “outperform overweight” rating on shares of Precision Drilling in a research note on Sunday, April 26th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $1.36.

Hedge funds have recently bought and sold shares of the stock. UBS Group AG lifted its stake in shares of Precision Drilling by 32.6% during the 1st quarter. UBS Group AG now owns 97,820 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 24,050 shares during the period. Marshall Wace LLP purchased a new position in shares of Precision Drilling during the 1st quarter worth $36,000. Oxford Asset Management LLP purchased a new position in shares of Precision Drilling during the 4th quarter worth $66,000. Banco Bilbao Vizcaya Argentaria S.A. purchased a new position in shares of Precision Drilling during the 4th quarter worth $69,000. Finally, Marshall Wace North America L.P. purchased a new position in shares of Precision Drilling during the 4th quarter worth $115,000. 28.21% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE PDS traded up $0.02 during mid-day trading on Wednesday, reaching $0.76. 695,000 shares of the company were exchanged, compared to its average volume of 1,186,889. The firm has a 50-day moving average of $0.68 and a 200 day moving average of $0.88. Precision Drilling has a 1 year low of $0.27 and a 1 year high of $1.93. The stock has a market cap of $209.39 million, a price-to-earnings ratio of -12.65 and a beta of 3.19. The company has a quick ratio of 1.90, a current ratio of 2.04 and a debt-to-equity ratio of 1.00.

About Precision Drilling

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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