Precision Drilling: The Seagulls Are Missing A Bet [Seeking Alpha]
Precision Drilling Corporation (PDS)
Last precision drilling corporation earnings: 4/30 06:00 am
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US:NYSE Investor Relations:
precisiondrilling.com/investor-relations/default.aspx
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Source: Seeking Alpha
Analysts have downgraded their EPS forecasts for PDS in Q2 2024, despite a bullish outlook for Q1 2024. PDS stock is currently sitting just below its resistance line, indicating potential downside risk. We rate PDS as a sell in anticipation of seasonal market softness. Introduction Last December, I made a case for Precision Drilling Corp NYSE: PDS ) in the upper $40s. In late February, it rallied to the lower $60s. I think it is time to take the chips off the table on this Canadian driller, as the spring thaw approaches. It looks like the rig count has bent the curve for this season. Over the next several months, if history is any guide, the Canadian rig count will tumble as the frozen rivers and the tundra turn into ice floes and mush, respectively. The fact that we didn't have much of a winter, even in Canada, only compounds the problem, perhaps bringing it forward by a few weeks. The graph below, taken from Baker Hughes ( BKR ) rig count, tells a tale that is worth heedi
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PDS
News
- Precision Drilling First Quarter 2024 Earnings: Revenues Beat Expectations, EPS Lags [Yahoo! Finance]Yahoo! Finance
- Precision Drilling seeing boost in demand as Trans Mountain start nears [Financial Post (Toronto, Ontario, Canada)]Financial Post
- Precision Drilling Announces 2024 First Quarter Unaudited Financial Results [Yahoo! Finance]Yahoo! Finance
- Precision Drilling Announces 2024 First Quarter Unaudited Financial Results [Financial Post (Toronto, Ontario, Canada)]Financial Post
- Precision Drilling Announces 2024 First Quarter Unaudited Financial ResultsGlobeNewswire
PDS
Earnings
- 4/25/24 - Beat
PDS
Sec Filings
- 4/25/24 - Form 6-K
- 4/25/24 - Form 6-K
- 4/3/24 - Form 6-K
- PDS's page on the SEC website