Precision Drilling (NYSE:PDS) Releases Quarterly Earnings Results, Misses Expectations By $0.12 EPS

Precision Drilling (NYSE:PDS) (TSE:PD) released its earnings results on Thursday. The oil and gas company reported $1.88 EPS for the quarter, missing the consensus estimate of $2.00 by ($0.12), reports. The company had revenue of $391.51 million for the quarter, compared to analyst estimates of $399.44 million. Precision Drilling had a net margin of 12.00% and a return on equity of 10.44%.

Precision Drilling Trading Up 5.2 %

Shares of PDS stock opened at $72.35 on Friday. Precision Drilling has a 52-week low of $41.56 and a 52-week high of $77.21. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of 6.36 and a beta of 2.11. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.30 and a current ratio of 1.40. The firm has a fifty day moving average of $66.23 and a 200-day moving average of $60.64.

Hedge Funds Weigh In On Precision Drilling

Hedge funds have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Precision Drilling by 41.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,725 shares of the oil and gas company’s stock worth $251,000 after purchasing an additional 1,084 shares in the last quarter. TD Asset Management Inc increased its position in shares of Precision Drilling by 117.2% during the 3rd quarter. TD Asset Management Inc now owns 104,956 shares of the oil and gas company’s stock worth $7,065,000 after purchasing an additional 56,623 shares in the last quarter. CIBC Asset Management Inc increased its position in shares of Precision Drilling by 2.7% during the 3rd quarter. CIBC Asset Management Inc now owns 12,165 shares of the oil and gas company’s stock worth $818,000 after purchasing an additional 324 shares in the last quarter. Signaturefd LLC increased its position in shares of Precision Drilling by 41.3% during the 3rd quarter. Signaturefd LLC now owns 921 shares of the oil and gas company’s stock worth $62,000 after purchasing an additional 269 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of Precision Drilling during the 3rd quarter worth about $243,000. Institutional investors and hedge funds own 48.86% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Piper Sandler cut their target price on shares of Precision Drilling from $100.00 to $81.00 and set an “overweight” rating for the company in a research note on Tuesday, February 20th. StockNews.com cut shares of Precision Drilling from a “buy” rating to a “hold” rating in a research note on Friday. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $115.17.

About Precision Drilling

Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates through Contract Drilling Services and Completion and Production Services segments.