Precision Drilling Shares Are Rocketing Today: What's Going On?
Portfolio Pulse from Lekha Gupta
Precision Drilling Corp (NYSE:PDS) shares surged after reporting its Q4 FY23 results, with a slight revenue decline but significant increases in adjusted EBITDA and EPS. The company saw a decrease in drilling rig utilization days in the U.S. and Canada but an increase internationally. It plans to reduce debt and allocate a portion of its free cash flow towards share repurchases, with an outlook of increasing its average active international rig count by 40% Y/Y.
February 06, 2024 | 5:18 pm
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Precision Drilling reported a slight revenue decline but significant increases in adjusted EBITDA and EPS for Q4 FY23. The company plans to reduce debt and allocate funds towards share repurchases, with a positive outlook on international rig count growth.
The positive earnings report, coupled with the company's plans for debt reduction and share repurchases, indicates a strong financial health and growth outlook. This is likely to instill confidence in investors, potentially driving the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100