$198.16 Million in Sales Expected for Precision Drilling Corp (PDS) This Quarter

Brokerages expect that Precision Drilling Corp (NYSE:PDS) (TSE:PD) will report sales of $198.16 million for the current fiscal quarter, according to Zacks. Five analysts have made estimates for Precision Drilling Corp’s earnings, with the lowest sales estimate coming in at $188.3 million and the highest estimate coming in at $205.2 million. Precision Drilling Corp posted sales of $127.22 million in the same quarter last year, which suggests a positive year-over-year growth rate of 55.8%. The company is scheduled to announce its next quarterly earnings results on Thursday, July 20th.

According to Zacks, analysts expect that Precision Drilling Corp will report full year sales of $198.16 million for the current year, with estimates ranging from $973.43 million to $1.05 billion. For the next year, analysts anticipate that the firm will post sales of $1.31 billion per share, with estimates ranging from $1.17 billion to $1.45 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover Precision Drilling Corp.

Precision Drilling Corp (NYSE:PDS) last posted its earnings results on Monday, April 24th. The oil and gas company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.05. The company had revenue of $346.80 million during the quarter, compared to analyst estimates of $345.06 million. Precision Drilling Corp had a negative return on equity of 8.01% and a negative net margin of 16.58%. Precision Drilling Corp’s revenue was up 14.9% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.07) earnings per share.

Several equities analysts have commented on the stock. Raymond James Financial, Inc. raised shares of Precision Drilling Corp from an “underperform” rating to a “market perform” rating and set a $6.30 price target for the company in a research report on Friday, February 10th. Deutsche Bank AG raised their price target on shares of Precision Drilling Corp from $8.00 to $10.00 and gave the company a “buy” rating in a research report on Tuesday, April 25th. Jefferies Group LLC decreased their price target on shares of Precision Drilling Corp from $6.50 to $6.00 and set a “buy” rating for the company in a research report on Wednesday, May 3rd. Zacks Investment Research raised shares of Precision Drilling Corp from a “hold” rating to a “buy” rating and set a $5.50 price target for the company in a research report on Wednesday, March 8th. Finally, JPMorgan Chase & Co. raised shares of Precision Drilling Corp from a “neutral” rating to an “overweight” rating in a research report on Friday, February 3rd. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Precision Drilling Corp has a consensus rating of “Buy” and a consensus target price of $7.01.

Precision Drilling Corp (NYSE:PDS) traded up 5.39% during mid-day trading on Thursday, reaching $3.91. The company’s stock had a trading volume of 1,999,790 shares. Precision Drilling Corp has a 52 week low of $3.51 and a 52 week high of $6.25. The firm’s market capitalization is $1.15 billion. The company’s 50-day moving average price is $4.20 and its 200 day moving average price is $4.93.

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Large investors have recently made changes to their positions in the stock. Point72 Europe London LLP bought a new stake in shares of Precision Drilling Corp during the first quarter worth $7,078,000. BlueCrest Capital Management Ltd boosted its stake in shares of Precision Drilling Corp by 1,518.8% in the first quarter. BlueCrest Capital Management Ltd now owns 356,105 shares of the oil and gas company’s stock worth $1,681,000 after buying an additional 334,107 shares during the period. Highbridge Capital Management LLC bought a new stake in shares of Precision Drilling Corp during the first quarter worth $3,066,000. Bank of America Corp DE boosted its stake in shares of Precision Drilling Corp by 138.6% in the first quarter. Bank of America Corp DE now owns 571,135 shares of the oil and gas company’s stock worth $2,696,000 after buying an additional 331,777 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in shares of Precision Drilling Corp by 162.4% in the first quarter. Renaissance Technologies LLC now owns 1,024,852 shares of the oil and gas company’s stock worth $4,840,000 after buying an additional 634,221 shares during the period. 72.77% of the stock is owned by hedge funds and other institutional investors.

Precision Drilling Corp Company Profile

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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