Stock Track | Precision Drilling Shares Surge Despite Missing Earnings Estimates

Stock Track

Oct 30, 2024

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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While this represented a significant increase from the same period last year, it missed analysts' consensus estimate of C$2.58 per share.</p>\n\n<p>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.</p>\n\n<p>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.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"PDS","symbol_name":"Precision Drilling Corp","start_time":0,"source_url":"","article_id":"1149311884","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1149311884","pubTimestamp":1730295535,"columns":[],"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of Precision Drilling Corp  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. 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