Shares of Precision Drilling Corp (PDS.TO) soared by 5.46% on Tuesday, despite the company reporting mixed financial results for the third quarter of 2024.
According to the earnings report, Precision Drilling posted adjusted earnings per share of C$2.31 for the quarter ended September 30, 2024. While this represented a significant increase from the same period last year, it missed analysts' consensus estimate of C$2.58 per share.
Revenue for the quarter rose 6.8% year-over-year to C$477.16 million, but also fell short of Wall Street's expectations of C$504.23 million. The company reported net income of C$39.18 million for the quarter.
Despite the earnings miss, analysts remain optimistic about Precision Drilling's prospects. The current average analyst rating on the stock is "buy," with a median 12-month price target of C$127.50. Analysts cited the company's strong positioning in the oil and gas drilling industry and potential for further growth.
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