Precision Drilling (PDS) got here out with quarterly earnings of $1.69 per share, beating the Zacks Consensus Estimate of $1.55 per share. This compares to earnings of $1.08 per share a 12 months in the past. These figures are adjusted for non-recurring gadgets.
This quarterly report represents an earnings shock of 9.03%. 1 / 4 in the past, it was anticipated that this oilfield providers firm would submit a lack of $0.62 per share when it truly produced earnings of $1.05, delivering a shock of 269.35%.
Over the past 4 quarters, the corporate has surpassed consensus EPS estimates thrice.
Precision Drilling
The sustainability of the inventory’s fast value motion based mostly on the recently-released numbers and future earnings expectations will principally rely on administration’s commentary on the earnings name.
Precision Drilling shares have added about 6.7% because the starting of the 12 months versus the S&P 500’s acquire of twenty-two.1%.
What’s Subsequent for Precision Drilling?
Whereas Precision Drilling has underperformed the market to date this 12 months, the query that involves traders’ minds is: what’s subsequent for the inventory?
There are not any straightforward solutions to this key query, however one dependable measure that may assist traders deal with that is the corporate’s earnings outlook. Not solely does this embrace present consensus earnings expectations for the approaching quarter(s), but in addition how these expectations have modified recently.
Empirical analysis reveals a robust correlation between near-term inventory actions and traits in earnings estimate revisions. Traders can monitor such revisions by themselves or depend on a tried-and-tested score instrument just like the Zacks Rank, which has a powerful monitor report of harnessing the ability of earnings estimate revisions.
Forward of this earnings release, the estimate revisions development for Precision Drilling: unfavorable. Whereas the magnitude and route of estimate revisions might change following the corporate’s just-released earnings report, the present standing interprets right into a Zacks Rank #4 (Promote) for the inventory. So, the shares are anticipated to underperform the market within the close to future. You may see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
It will likely be fascinating to see how estimates for the approaching quarters and present fiscal 12 months change within the days forward. The present consensus EPS estimate is $1.90 on $383.62 million in revenues for the approaching quarter and $6.57 on $1.46 billion in revenues for the present fiscal 12 months.
Traders needs to be conscious of the truth that the outlook for the trade can have a fabric impression on the efficiency of the inventory as nicely. When it comes to the Zacks Trade Rank, Oil and Fuel – Drilling is at present within the backside 24% of the 250 plus Zacks industries. Our analysis reveals that the highest 50% of the Zacks-ranked industries outperform the underside 50% by an element of greater than 2 to 1.
One different inventory from the identical trade, Seadrill (SDRL), is but to report outcomes for the quarter ended September 2024. The outcomes are anticipated to be launched on November 12.
This offshore drilling providers supplier is anticipated to submit quarterly earnings of $0.05 per share in its upcoming report, which represents a year-over-year change of -95.5%. The consensus EPS estimate for the quarter has been revised 11% increased during the last 30 days to the present stage.
Seadrill’s revenues are anticipated to be $337 million, down 18.6% from the year-ago quarter.
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Precision Drilling Corporation (PDS) : Free Stock Analysis Report
Seadrill Limited (SDRL) : Free Stock Analysis Report
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The views and opinions expressed herein are the views and opinions of the writer and don’t essentially replicate these of Nasdaq, Inc.
