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Precision Drilling Corporation (PD.TO)

Toronto - Toronto Real Time Price. Currency in CAD
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70.24+0.48 (+0.69%)
As of 03:30PM EDT. Market open.
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  • T
    Tom W
    Progress is being made every quarter and, with more high quality rigs in operation as well as more maintenance capability, I see that continuing.
  • d
    dollarbilz
    Good price action with good volume. Back to $85 US
    Bullish
  • B
    BDK
    Why isn't anyone following this stock? Even Yahoo Finance doesn't care enough about this stock to adjust the chart for the 20/1 split that occurred 11/12/2020! For the company to buy back 10% of their shares and cancel them. That's HUGE. PDS is involved in Oil AND Natural Gas. Both are going up HUGE. The daily trading is NOTHING. Even 1% of their 13.3 million share would equal 133,100. So if 133,100 were sold and purchased that would equal 266,200 shares traded. What am I missing here?
  • R
    Robin
    PD ready to make next break-out move. The same movie has played out the last 3 quarters. PD shares sell-off after the quarter because investors are disappointed that EBITDA was not higher. But too many investors do not understand that as drillers reactivate rigs there is a large upfront cost - so the faster a driller brings back rigs (from idle) the worse the profits are in the current quarter, AND THAT IS A POSITIVE OVERALL. Or do I need to explain further? Then PD shares start the march back up because the direction of drilling demand is consistently rising and at better day rates. PD made the RIGHT DECISION to be firm on day rates and admitted they could have reactivated a few more rigs if they priced lower. But they do not need to - the demand for rigs will very soon far exceed the ability of the sector to reactivate. Hello - look at drilled, uncompleted inventory - gone from 8,500 to 5,500 in a year. Sometime in 2022 you need to drill a lot more wells to maintain current rate of well completions (as PD talked about). PD is smart to hold-out for a few more months to get way higher prices that will more than make up for having stayed a few more rigs idled now. PD's 2022 EBITDA outlook will be stupendous even with more rig activations (as those costs/base EBITDA will also be lower than it was in Q3).
  • M
    Mike
    I have never seen such a quiet board before. The share price is climbing and not a peep. I guess us long timers are in shock ??
  • S
    Summerwind
    Huge News:
    Precision intends to purchase up to 10% of the public float over period of twelve months. PDS will be up from here. Long and strong. GLTA longs.
  • W
    Women4MJ
    Great results released today, as Kevin Neveu said "Precision executed on its 2018 business plan and delivered operating and financial results far exceeding our expectations." best part about strong year was it "resulted in better than expected cash flow, allowing us to accelerate our debt repayment plan well beyond our stated target range for the year, retiring $174 million of debt in 2018"- don't miss out on the next great play in the Canadian markets, check out SmallCapCanada for the companies that are showing strong signs of growth- they always deliver quality reports that are packed with insightful info and market analysis- just a great resource for any investor- SmallCapCanada
  • d
    dollarbilz
    Direct quote from CEO:

    "Under our recently announced capital allocation framework, we expect to surpass $1 billion of debt reduction, achieve leverage levels below 1.5 times and increase allocations DIRECTLY TO SHAREHOLDERS by the end of 2025."
    Important to note DIRECTLY TO SHAREHOLDERS
    Bullish
  • b
    brian
    Luckily the executives are getting stock bonuses…we almost accidentally made a profit
  • T
    The
    This will rebound due to the following:
    - PDs main source of income comes from well maintenance and workovers. Companies have been cutting these programs down to zero over the last 2 years because of the market. When market rebounds, all of the wells that have been sitting, will need to be turned onto production ASAP and PD will be scrambling to fill rigs.
    - Canada is going hard on abandoned wells. All of the easy abandonments have been done, only medium to high risk abandonments left, which will require a service rig, and unlike the easy wells they have abandoned to help with their numbers in the past, a large number of the wells out there have major gas migration issue which can mean weeks of drilling out, cementing, testing, recementing, and even re-drilling of the wellbore. This is going to mean insane amounts of service work and PD is the largest service provider around.
  • T
    Tom W
    Breakeven quarter in earnings and a revenue beat was a nice surprise as analysts were expecting a 5 cent loss and a revenue miss. I do not know how investors will view the goodwill impairment of over 200 million but it would seem, barring unexpected problems, that Precision is beginning to fire on all cylinders.
  • a
    atil
    offshore and Canadian oil companies will take advantage of the current market. In a few weeks PDS should be $100, easily can hit $200 in 2022.
    Bullish
  • e
    erik
    Michael Barry has a massive amount of this company in his portfolio
    Bullish
  • d
    d
    My top gainer today. Almost 10%. Buying all the way up to $50. Best drilling technology. Been taking market share and paying down debt during this last slump. Till to rock n roll now. Next 1-24 months should look great.
  • A
    Analytica
    In the Globe and Mail today!
    Citigroup analyst J.B. Lowe raised his price target on Precision Drilling Corp. (PD-T) to C$55 from C$36 while reiterating a “neutral/high risk” rating.

    The change in his price target reflected an increase to his 2021 and 2022 EBITA forecasts because of expectations of better margins during the recovery.

    The move was part of an overall review of the North America oil services sector, in which it articulated a preference for exploration and production stocks in the energy sector over oil service stocks.

    Oil Service stock performance has been solid so far this year, with the Oil Services Vaneck ETF up 33%, but that has lagged XOP, the S&P Oil & Gas Exploration & Production ETF, which is up 54%). “This primarily reflects a belief (and underlies our E&P over OFS preference) that oil price inflation will benefit E&P shareholders more than OFS revenues,” Citigroup analysts said.

    “The key question now is, will this continue? We believe so as the 2022 free cash flow yield gap between large cap E&P and OFS of about 500 basis points still seems too large. Moreover, given underlying cost inflation, we don’t foresee OFS delivering sufficient positive revisions during 2H to alter this view.”
  • r
    randy
    Another opinion.
    Moody's
    Moody'sJuly 19, 2019, 12:31 PM CDT
    Moody's Investors Service (Moody's) upgraded Precision Drilling Corporation's (Precision) Corporate Family Rating (CFR) to B1 from B2, Probability of Default Rating to B1-PD from B2-PD, senior unsecured notes rating to B2 from B3, and the Speculative Grade Liquidity Rating to SGL-1 from SGL-2. The outlook remains stable. "The rating upgrade to B1 for Precision reflects the roughly US$225 million in debt reduction that has occurred since the beginning of 2018 and further debt reduction that will occur, leading to leverage below 4x in 2020," said Paresh Chari VP-Senior Analyst "Precision also continues to expand its top tier rig fleet through contracted rig upgrades despite a largely no growth...
  • C
    Chris
    Massive contract with Conocco Phillips just went through today(8 rigs more next week). Wonder if they underbid the contracts
    Bullish
  • B
    BDK
    PDS going to be buying cheap shares
    They come out with a major announcement on a Friday morning (2) weeks before the Labor Day Holiday. This announcement allows them to start buying (1) week before Labor Day when most professional traders are on vacation.
    I think this is a smart strategy.
    Don't bring a lot of attention to your stock until after you bought it at a lower price.
    Bullish
  • T
    Tom W
    Seems like this is a great time to pay off higher debt by taking on lower interest debt. This 400 million dollar announcement makes sense to me.
    Bullish
  • B
    BDK
    OIl Highest in YEARS but PDS is still losing money
    Look below, the loss is because of executive compensation
    In the past they repurchased and canceled shares,
    This quarter they ISSUED 280,000 share to executives.

    • Net loss of $44 million or $3.25 per share compared with a net loss of $36 million or $2.70 per share in 2021.
    • General and administrative expenses this quarter were $56 million, $34 million higher than in 2021 due to higher share-based compensation charges and lower CEWS program assistance.
    • Revenue of $351 million, an increase of 49% compared with the first quarter of 2021, supported by U.S. and Canadian drilling activity growth of 56% and 48%, respectively.
    • We settled a portion our Executive Performance Share Units (PSU) through the issuance of 263,900 common shares and issued an additional 21,370 common shares from the exercise of share options.
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