Precision Drilling (NY PDS, TSX PD) announced Q4/10 revenue totaled $436 million VS. Q4/09's $286 million. Net earnings of $6 million or $0.02 compared to a net loss of $29 million or ($0.09) per share for Q4/09. Excluding a non-cash charge of $91 million ($0.29 per share), related to a long term debt refinancing, would have PDS's EPS at $0.31.
Six analysts raised their targets with the highest set at $13.00Cdn and lowest at $11.50Cdn. Raymond James' Andrew Bradford upgraded PDS to OUTPERFORM from MARKET PERFORM with a new target of $12.25Cdn. UBS's Chad Friess, who downgraded PDS on January 26, has the lowest target set at $11.50Cdn. Source: http://www.analystcoverage.org/pd_un.htm
PDS has consistently made our Higher "High/Low" lists without fail since we started monitoring it in September 2010. The latest period Jan 16 to Jan 31 has the high set at $10.54 Cdn and the low set at $9.65Cdn. The outstanding shares shorted on the TSX has increased to 9.29 million shares on Jan 31 from 1.64 million on Dec 31, 2010 which would indicate a strong support for the share price considering the recent news which lead to a new 52 week high of $11.03. One would also have to take into account the average volume traded is roughly 1 million shares per day. The NY outstanding shares shorted are only 1.59 million.
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