Precision Drilling Corp - Momentum
27 Luglio 2011 - 2:00AM
Zacks
Precision Drilling Corp (PDS) recently surged to a new
multi-year high after its Q2 results showed big gains from last
year. With estimates on the rise and a bullish growth projection,
this Zacks #1 rank stock has the right tools for momentum.
Company Description
Precisions Drilling Corp., through its
subsidiaries, provides onshore well drilling and completion
services in North America and internationally. The company was
founded in 1951 and has a market cap of $4.97 billion.
Energy service companies have been hot for the last
few months, supported by strong demand on higher crude prices and
increased shale exploration. That dynamic showed up on July 22 when
PDS reported solid Q2 results that included a big gain in earnings
from last year.
Second-Quarter Results
Revenue for the period was up 32% from last year to
$345 million. Earnings also showed big gains, climbing from a loss
of 25 cents last year to 6 cents. The Zacks Consensus Estimate was
calling for 7 cents, a small miss on high expectations.
The company noted that it continues to see strong
demand in both Canada and the United States while utilization and
day rates remain on the upswing.
Estimates
We saw some pretty bullish movement in estimates
off the good quarter, with the current year adding 6 cents to 94
cents while the next-year estimate gained 5 cents to $1.22, a
bullish 29% growth projection.
Valuation
But in spite of the gains, the valuation picture
still looks solid, with a PEG ratio of .65 well below the benchmark
of 1 for value.
12-Month Chart
On the chart, PDS jumped into a new multi-year high
on the good quarter. Look for support from the trend line on any
weakness. Take a look below.
Michael Vodicka is the Momentum Stock Strategist
for Zacks.com. He is also the Editor in charge of the Zacks
Momentum Trader Service.
PRECISION DRILL (PDS): Free Stock Analysis Report
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