Precision Drilng Stock Price, News & Analysis

Precision Drilling Corporation has filed its annual disclosure documents for 2020 with Canadian and U.S. securities commissions. The Annual Report includes audited consolidated financial statements and management's analysis for the year ending December 31, 2020, previously revealed on February 10, 2021. These reports are accessible via SEDAR and EDGAR, as well as Precision's website. Additionally, the company's 2021 Annual Meeting of Shareholders is scheduled for May 13, 2021, in a virtual format. Precision is known for its high-performance services and advanced digital technology in the energy sector.

PDS reported a net loss of $3 million for Q4 2020, a decrease from a net loss of $2 million in Q4 2019. Revenue fell 30% to $8 million, primarily due to reduced activity in the oil and gas sector. The company anticipates a challenging year ahead with expected revenue declines in the first half of 2021, projecting EPS to remain negative. PDS is focusing on cost-cutting measures and exploring new markets to stabilize its financial position.

Precision Drilling Corporation will release its 2020 fourth-quarter results on February 10, 2021, before the market opens. A conference call and webcast are scheduled for 12:00 Noon MT (2:00 p.m. ET) that same day. Dial-in numbers for the call are 844-515-9176 (U.S.) and 614-999-9312 (international). The event will also be accessible via a live webcast on their website, with an archived version available for 60 days. Precision offers high-performance services and digital technology solutions for the energy industry, emphasizing safety and efficiency.

Precision Drilling Corporation (PDS) announced significant financial updates as of January 5, 2021. The company repaid $170 million in debt in 2020, exceeding its target. Total debt repayments reached $550 million since the inception of its plan. This led to an increased long-term debt reduction target from $700 million to $800 million by 2022. Precision also reported a year-end cash balance projected between $105 million to $110 million, enhancing liquidity to over $700 million. Drilling activity improved, with 45 active rigs in Canada and a planned rise in U.S. activity.

Precision Drilling Corporation (PDS) announces a 20:1 share consolidation effective November 9, 2020. This decision follows shareholder approval for consolidating common shares, reducing outstanding shares from approximately 274.5 million to about 13.7 million. Trading on TSX and NYSE will adjust accordingly by November 12, 2020. Fractional shares will not be issued; instead, shareholders will receive whole shares based on their holdings. Precision continues to operate safely and responsibly in the energy sector, boasting significant technology advancements in drilling.

On October 22, 2020, PDS announced key developments impacting its operations and financial outlook. The company demonstrated resilience despite challenges, emphasizing a commitment to strategic initiatives. Revenue figures for the third quarter showed slight fluctuations compared to previous years, influencing shareholder sentiment. The outlook for upcoming quarters remains cautiously optimistic, with a focus on operational efficiency and market expansion.

Precision Drilling Corporation plans to announce its 2020 third quarter financial results before the market opens on October 22, 2020. A conference call and webcast will follow at 12:00 Noon MT (2:00 p.m. ET) on the same day, allowing investors to access the latest company insights.

The conference call can be joined via dial-in numbers 844-515-9176 or 614-999-9312 (International). An archived version of the webcast will be available on their website for 60 days.

Precision Drilling Corporation (NYSE: PDS) released its 2020 Corporate Responsibility Report, highlighting its environmental, social, and governance (ESG) initiatives. The report emphasizes the company's efforts in reducing operational costs, minimizing environmental impact, and enhancing its brand through community involvement and robust governance practices. Key highlights include investments in Super Series Rigs and recognition for increasing efficiencies. Precision is committed to an inclusive workplace and sustainable practices such as geothermal energy projects. Investors can access the full report on Precision’s website.

Precision Drilling Corporation (TSX:PD; NYSE:PDS) announced the renewal of its normal course issuer bid (NCIB) to repurchase up to 23,997,668 common shares, or about 10% of the public float as of August 14, 2020. Purchases will start on August 27, 2020, and conclude by August 26, 2021, or earlier if completed. The company aims to enhance shareholder value through this initiative. In the previous NCIB, Precision acquired 19,586,159 shares at an average price of CAD$1.59.