U.S. growth helps Precision Drilling cope with declining Canadian business [Toronto Globe and Mail (Ontario, Canada)]
Precision Drilling Corporation (PDS)
Last precision drilling corporation earnings: 4/30 06:00 am
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Source: Toronto Globe and Mail
U.S. growth helps Precision Drilling cope with declining Canadian business Strong growth in U.S. oil field activity made up for declines on the Canadian side of the border as Precision Drilling Corp. beat analyst expectations with first-quarter results posted Thursday. The Calgary-based driller reported a 23-per-cent increase in activity in the United States compared with the same period of 218, while its Canadian operations declined by 33 per cent, a trend that it said is continuing in the current quarter. “Of note in the quarter, only 36 per cent of our company’s revenue was generated in Canada,” chief financial officer Carey Ford said on a conference call. Story continues below advertisement “This is the lowest percentage in the history of Precision, reflecting both the success of our investments outside of the Canadian market and the particularly weak industry activity experienced in Canada.” The oil field services industry has been hit by lower producer spending plans this year,
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News
- Precision Drilling Co. (NYSE: PDS) had its price target raised by analysts at Piper Sandler from $81.00 to $101.00. They now have an "overweight" rating on the stock.MarketBeat
- Precision Drilling Corporation Holding Virtual-Only 2024 Annual and Special Meeting of Shareholders on May 16 [Financial Post (Toronto, Ontario, Canada)]Financial Post
- Precision Drilling Corporation Holding Virtual-Only 2024 Annual and Special Meeting of Shareholders on May 16GlobeNewswire
- Precision Drilling Corporation (NYSE:PDS) Q1 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
- Precision Drilling Co. (NYSE: PDS) was downgraded by analysts at StockNews.com from a "buy" rating to a "hold" rating.MarketBeat
PDS
Earnings
- 4/25/24 - Beat
PDS
Sec Filings
- 5/2/24 - Form 6-K
- 4/25/24 - Form 6-K
- 4/25/24 - Form 6-K
- PDS's page on the SEC website