PRECISION DRILLING CORP. $7.69(Toronto symbol PD; Aggressive Growth Portfolio, Resource sector; Shares outstanding: 292.8 million; Market cap: $2.3 billion; Price-to-sales ratio: 0.9; Dividend yield: 3.6%; TSINetwork Rating: Extra Risk; www.precisiondrilling.com) plans to spend $467.0 million on capital upgrades in 2015, down 38.1% from $754.9 million in 2014. That’s because lower oil prices have prompted producers to curtail drilling, hurting demand for new rigs.
Even with the lower capital spending, Precision expects to deliver 17 new rigs in 2015 (13 for the U.S., three for Canada and one for Kuwait), up from 15 in 2014. The company has already signed agreements with drillers to operate these rigs, which cuts the risk of these projects.
Due to the drop in oil prices and drilling activity, Precision will probably earn just $0.11 a share in 2015. The stock trades at 69.9 times that depressed estimate. However, Precision’s earnings could recover to $0.25 a share in 2016, and it trades at a more reasonable 30.8 times that forecast.
The company recently raised its quarterly dividend by 16.7%, to $0.07 a share from $0.06. The new rate of $0.28 yields 3.6%.
Precision Drilling is a buy for aggressive investors.
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Privacy Policy and Terms of Use
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