Zacks: Brokerages Anticipate Precision Drilling Corp (NYSE:PDS) Will Announce Quarterly Sales of $272.76 Million

Wall Street brokerages predict that Precision Drilling Corp (NYSE:PDS) (TSE:PD) will announce $272.76 million in sales for the current quarter, Zacks reports. Seven analysts have made estimates for Precision Drilling’s earnings, with the lowest sales estimate coming in at $262.20 million and the highest estimate coming in at $281.11 million. Precision Drilling posted sales of $323.14 million during the same quarter last year, which suggests a negative year over year growth rate of 15.6%. The business is expected to announce its next earnings results on Thursday, February 13th.

According to Zacks, analysts expect that Precision Drilling will report full-year sales of $1.17 billion for the current fiscal year, with estimates ranging from $1.15 billion to $1.19 billion. For the next fiscal year, analysts anticipate that the business will report sales of $1.13 billion, with estimates ranging from $1.07 billion to $1.21 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that cover Precision Drilling.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings data on Thursday, October 24th. The oil and gas company reported ($0.01) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.03. Precision Drilling had a negative return on equity of 0.99% and a negative net margin of 11.99%. The company had revenue of $284.47 million for the quarter, compared to the consensus estimate of $288.55 million. During the same quarter in the prior year, the company posted ($0.10) EPS. Precision Drilling’s quarterly revenue was down 1.8% on a year-over-year basis.

A number of analysts have commented on the stock. Wolfe Research started coverage on shares of Precision Drilling in a research report on Wednesday, November 27th. They set a “market perform” rating on the stock. Citigroup cut shares of Precision Drilling from a “buy” rating to a “neutral” rating in a report on Monday, September 30th. BMO Capital Markets set a $3.00 price objective on shares of Precision Drilling and gave the company a “buy” rating in a research note on Tuesday, September 10th. Canaccord Genuity reissued a “buy” rating on shares of Precision Drilling in a report on Friday, August 16th. Finally, TD Securities raised Precision Drilling to a “buy” rating in a report on Wednesday, September 4th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $1.95.

A number of large investors have recently bought and sold shares of PDS. Bank of Montreal Can boosted its holdings in Precision Drilling by 37.0% during the second quarter. Bank of Montreal Can now owns 4,062,356 shares of the oil and gas company’s stock valued at $7,678,000 after acquiring an additional 1,096,492 shares during the period. JPMorgan Chase & Co. boosted its stake in Precision Drilling by 730.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 774,948 shares of the oil and gas company’s stock valued at $1,433,000 after purchasing an additional 681,674 shares during the period. UBS Asset Management Americas Inc. grew its holdings in Precision Drilling by 13.5% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 185,150 shares of the oil and gas company’s stock valued at $349,000 after buying an additional 22,000 shares during the last quarter. Vanguard Group Inc. grew its holdings in Precision Drilling by 5.9% in the 2nd quarter. Vanguard Group Inc. now owns 8,014,541 shares of the oil and gas company’s stock valued at $15,148,000 after buying an additional 449,089 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its position in Precision Drilling by 10.6% in the 2nd quarter. Russell Investments Group Ltd. now owns 778,182 shares of the oil and gas company’s stock worth $1,464,000 after buying an additional 74,382 shares during the period. Institutional investors and hedge funds own 35.25% of the company’s stock.

NYSE:PDS traded up $0.14 during mid-day trading on Tuesday, hitting $1.26. The company had a trading volume of 1,678,179 shares, compared to its average volume of 578,479. The business has a fifty day simple moving average of $1.08 and a 200-day simple moving average of $1.41. The company has a current ratio of 1.85, a quick ratio of 1.73 and a debt-to-equity ratio of 1.01. Precision Drilling has a 1 year low of $0.99 and a 1 year high of $3.01.

Precision Drilling Company Profile

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.

Featured Article: Limitations of the P/E Growth ratio

Get a free copy of the Zacks research report on Precision Drilling (PDS)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Precision Drilling Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Precision Drilling and related companies with MarketBeat.com's FREE daily email newsletter.