Precision Drilling (TSE:PD) Releases Quarterly Earnings Results

Precision Drilling (TSE:PD) (NYSE:PDS) announced its earnings results on Tuesday. The company reported C$1.65 earnings per share for the quarter, FiscalAI reports. Precision Drilling had a negative net margin of 1.71% and a negative return on equity of 2.03%. The business had revenue of C$531.65 million during the quarter.

Precision Drilling Stock Performance

Shares of PD traded up C$1.63 during trading hours on Tuesday, hitting C$140.02. The company’s stock had a trading volume of 108,172 shares, compared to its average volume of 85,229. The business has a 50 day simple moving average of C$122.45 and a two-hundred day simple moving average of C$120.87. Precision Drilling has a 52-week low of C$78.76 and a 52-week high of C$143.81. The company has a debt-to-equity ratio of 43.54, a current ratio of 1.46 and a quick ratio of 1.36. The company has a market cap of C$1.76 billion, a price-to-earnings ratio of -59.33, a PEG ratio of -3.24 and a beta of 0.59.

Analysts Set New Price Targets

PD has been the subject of several research analyst reports. ATB Cormark Capital Markets decreased their price target on shares of Precision Drilling from C$165.00 to C$160.00 and set an “outperform” rating for the company in a research note on Thursday, July 30th. National Bank Financial raised Precision Drilling from a “hold” rating to an “outperform” rating and upped their price target for the stock from C$150.00 to C$185.00 in a research note on Monday. TD Securities raised Precision Drilling from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 20th. Canadian Imperial Bank of Commerce decreased their price objective on Precision Drilling from C$160.00 to C$155.00 in a report on Thursday, July 30th. Finally, TD raised Precision Drilling from a “hold” rating to a “buy” rating and upped their target price for the stock from C$116.00 to C$150.00 in a research report on Tuesday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of C$156.62.

Precision Drilling Company Profile

Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha¿ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen¿ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations.