Precision Drilling Shares Are Rocketing Today: What’s Going On?

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Precision Drilling Corp (NYSE:PDS) shares are surging today after it reported fourth-quarter FY23 results.

Revenues fell 0.7% Y/Y to C$506.9 million in the quarter. Contract Drilling Services revenue declined 1.5% Y/Y to C$446.5 million, while Completion and Production Services revenue increased 5.4% Y/Y to C$62.5 million.

Drilling rig utilization days declined 25% Y/Y in the U.S. and 3% Y/Y in Canada, while international drilling rig utilization days grew 26% Y/Y.

Adjusted EBITDA increased to C$151.2 million from C$91.1 million in the quarter.

EPS stood at C$9.81, a significant increase …

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