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Precision Drilling ( (TSE:PD) ) just unveiled an announcement.
Precision Drilling Corporation reported its first-quarter 2026 results for the period ended March 31, 2026, showing a 6% year-over-year revenue increase to $526 million, driven by higher drilling and well service activity in Canada and the U.S. despite softer international results. Net earnings attributable to shareholders fell to $17 million from $35 million a year earlier, as higher share-based compensation tied to a 39% share price rise and increased depreciation from revised useful life estimates weighed on profitability.
Operationally, Precision outperformed declining industry activity in both Canada and the U.S., averaging 79 active rigs in Canada and 37 in the U.S., with U.S. utilization days up nearly 24% while overall industry levels fell. The company generated $63 million in operating cash flow, used funds to repurchase shares and reduce debt by $25 million, continued rolling out its Alpha digital technologies to deliver record drilling performance, and raised its 2026 capital budget to $265 million to fund Super Triple rig upgrades and support higher anticipated North American activity, underscoring a strategic push toward higher-spec assets and technology-led differentiation.
The most recent analyst rating on (TSE:PD) stock is a Buy with a C$150.00 price target. To see the full list of analyst forecasts on Precision Drilling stock, see the TSE:PD Stock Forecast page.
Spark’s Take on PD Stock
According to Spark, TipRanks’ AI Analyst, PD is a Neutral.
The score is driven primarily by improving financial health (better leverage and generally solid cash generation) and constructive earnings-call guidance supporting ongoing operating momentum. These positives are tempered by highly stretched valuation (very high P/E), cyclical/variable profitability (including 2025 near break-even net income), and technical signals that look overextended despite a strong uptrend.
To see Spark’s full report on PD stock, click here.
More about Precision Drilling
Precision Drilling Corporation is a North American contract drilling and well services provider focused on oil and gas exploration and production markets, with operations in Canada, the U.S. and select international regions. The company offers high-specification land rigs, Canadian well servicing, and digital drilling technologies such as its Alpha automation and data analytics platform to enhance efficiency and performance for E&P customers.
Average Trading Volume: 103,119
Technical Sentiment Signal: Buy
Current Market Cap: C$1.64B
See more insights into PD stock on TipRanks’ Stock Analysis page.