Precision Drilling EPS Jumps 23.4% to $1.37, BMO Targets C$150
Precision Drilling reported quarterly earnings of $1.37 per share, beating consensus by 23.4% and up from $0.76 a year ago. BMO Capital upgraded its rating to Outperform and raised the price target from C$120 to C$150, underscoring robust drilling demand.
1. BMO Upgrades Rating and Price Target
Precision Drilling received an Outperform rating from BMO Capital and saw its price target raised from C$120 to C$150, reflecting a 25% increase. The upgrade signals heightened confidence in the company’s contract drilling and well servicing outlook.
2. Strong EPS Beat and Year-Over-Year Growth
The company posted quarterly earnings of $1.37 per share, surpassing the Zacks Consensus Estimate of $1.11 by 23.4% and improving from $0.76 in the same quarter last year. This marks the second EPS beat in four quarters, highlighting operational resilience.
3. Revenue Performance and Past Quarter Challenges
Revenue for the quarter reached $343.25 million, narrowly missing the consensus by 1.02% but rising from $334.62 million a year earlier. A prior quarter’s $0.37 loss per share underscored volatility, though the company has exceeded revenue estimates twice in the last four periods.
4. Stock Volatility and Market Capitalization
Shares traded around $82, down 9.14% intraday, within a daily range of $81.61 to $91.99. With a market capitalization near $1.08 billion and average volume of about 127,000 shares, Precision Drilling remains a significant player in oil and gas drilling services.