Precision Drilling Corp (NYSE:PDS)
December 5th, 2018
Amidst falling markets Precision Drilling Corp fell $0.16 Tuesday, down 6.87%, closing at $2.17. Sadly, in addition to dropping PDS ended up closing the day at a new 52 week low.As well as the drop in value, Precision Drilling Corp hit a new 52 week low of $2.17, breaking the previous low of $2.19 from earlier this August. Be aware that the Altman Z-Score1 (An indicator of the probability for a 2-year bankruptcy) is below the recommended threshold of 1.8%, and calculated to be 0.29.
PDS was outperformed by the rest of the Energy sector which went down just 2.93%.
The market sectors were mixed Wednesday with a majority of the sectors trending down. Utilities saw the biggest increase of the day (0.15%), while Financials saw the biggest drop (4.40%). Healthcare has seen the biggest year-to-date gain at 13%. The biggest loss this year has been the Communication Services sector declining 13%.
Utilities saw the biggest turnaround from its 5-day performance of 2.31%, as it went up 0.15%. Industrials and Consumer Discretionary both saw turn arounds from their five day positive performance, Industrials with a drop of 4.35%.
- Utilities went up with a 0.15% change.
- Real Estate went down with a -1.26% change.
- Consumer Staples went down with a -1.63% change.
- Healthcare went down with a -2.30% change.
- Energy went down with a -2.93% change.
- Materials went down with a -3.08% change.
- Communication Services went down with a -3.14% change.
- Information Technology went down with a -3.86% change.
- Consumer Discretionary went down with a -3.91% change.
- Industrials went down with a -4.35% change.
- Financials went down with a -4.40% change.
Precision Drilling Corp Info
Precision Drilling Corporation provides oil and natural gas drilling and related services and products. The company operates in two segments, Contract Drilling Services, and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry. This segment’s services include land drilling, directional drilling, and turnkey drilling; and procurement and distribution of oilfield supplies, as well as manufacture and refurbishment of drilling and service rig equipment. As of December 31, 2016, this segment operated 255 land drilling rigs, including 135 in Canada; 103 in the United States; 5 in Mexico; 4 in Saudi Arabia; 5 in Kuwait; 2 in the Kurdistan region of Iraq; and 1 in the country of Georgia. The Completion and Production Services segment offers completion and workover services, and ancillary services to oil and natural gas exploration and production companies. It provides service rigs for well completion, workover, abandonment, maintenance, and re-entry preparation services; snubbing units for pressure control services; camp and catering services; and water system services. This segment also engages in the rental of oilfield surface equipment, and wellsite accommodations. This segment operated 196 well completion and workover service rigs, and 11 snubbing units in Canada and the United States; approximately 2,200 oilfield rental items, including surface storage, small-flow wastewater treatment, and power generation and solids control equipment; and 132 wellsite accommodation units in Canada. It also had 43 drilling camps and 4 base camps in Canada; and 10 large-flow wastewater treatment units, 24 pump houses, and 8 potable water production units in Canada. Precision Drilling Corporation was founded in 1951 and is headquartered in Calgary, Canada.
All amounts in USD unless otherwise indicated
(1) The Altman Z-Score calculation was first published in 1968 by Edward I. Altman, and is used for predicting the probability that a firm will go into bankruptcy within two years. An Altman Z-Score below 1.8 (Remember that Precision Drilling Corp’s score is 0.29) is the trigger to be alert for this situation. Some analysts believe this score is less relevant for some companies, in particular companies operating to accumulate users that may run at huge losses to scale up.
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