Jefferies Group Comments on Precision Drilling Corp’s FY2018 Earnings (PDS)

Jefferies Group Comments on Precision Drilling Corp’s FY2018 Earnings (PDS)

Precision Drilling Corp (NYSE:PDS) (TSE:PD) – Equities research analysts at Jefferies Group decreased their FY2018 earnings per share (EPS) estimates for Precision Drilling Corp in a note issued to investors on Wednesday. Jefferies Group analyst B. Handler now anticipates that the oil and gas company will post earnings per share of $0.07 for the year, down from their previous forecast of $0.11. Jefferies Group has a “Buy” rating and a $6.00 price target on the stock. Jefferies Group also issued estimates for Precision Drilling Corp’s FY2019 earnings at $0.73 EPS and FY2020 earnings at $1.06 EPS.

A number of other brokerages also recently commented on PDS. Zacks Investment Research upgraded shares of Precision Drilling Corp from a “hold” rating to a “buy” rating and set a $6.50 price target for the company in a report on Wednesday, January 25th. Raymond James Financial, Inc. downgraded shares of Precision Drilling Corp from a “market perform” rating to an “underperform” rating in a report on Thursday, January 12th. Piper Jaffray Companies upgraded shares of Precision Drilling Corp from a “neutral” rating to an “overweight” rating and set a $7.00 price target for the company in a report on Friday, January 6th. JPMorgan Chase & Co. upgraded shares of Precision Drilling Corp from a “neutral” rating to an “overweight” rating in a report on Friday, February 3rd. Finally, Deutsche Bank AG upgraded shares of Precision Drilling Corp from a “hold” rating to a “buy” rating and set a $10.00 price target for the company in a report on Thursday, January 19th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Precision Drilling Corp currently has an average rating of “Buy” and a consensus target price of $7.01.

Precision Drilling Corp (NYSE:PDS) traded up 5.85% during mid-day trading on Thursday, hitting $3.80. 3,020,998 shares of the stock traded hands. The company’s market cap is $1.11 billion. The firm’s 50-day moving average is $4.42 and its 200-day moving average is $5.00. Precision Drilling Corp has a 12-month low of $3.51 and a 12-month high of $6.25.

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

A number of large investors have recently added to or reduced their stakes in PDS. Princeton Alpha Management LP increased its stake in Precision Drilling Corp by 18.3% in the first quarter. Princeton Alpha Management LP now owns 37,809 shares of the oil and gas company’s stock worth $178,000 after buying an additional 5,861 shares during the last quarter. Guardian Capital LP bought a new stake in Precision Drilling Corp during the fourth quarter worth about $186,000. Comerica Bank increased its stake in Precision Drilling Corp by 8.2% in the fourth quarter. Comerica Bank now owns 34,183 shares of the oil and gas company’s stock worth $186,000 after buying an additional 2,586 shares during the last quarter. AQR Capital Management LLC bought a new stake in Precision Drilling Corp during the fourth quarter worth about $223,000. Finally, Pacad Investment Ltd. increased its stake in Precision Drilling Corp by 10.3% in the fourth quarter. Pacad Investment Ltd. now owns 44,900 shares of the oil and gas company’s stock worth $245,000 after buying an additional 4,200 shares during the last quarter. Hedge funds and other institutional investors own 72.77% of the company’s stock.

About Precision Drilling Corp

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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