Aug 4, 2011
Pioneer Drilling (AMEX:PDC) reported Q2 EPS of $0.07, ahead of consensus estimates of $0.04 per share. Revenues for the quarter rose 46.4% year-over-year to $171.3 million, topping consensus estimates of $166.0 million.
William Locke, President and CEO of Pioneer Drilling said, "We continue to see strong demand for our drilling rigs in the West Texas drilling division, which has grown from zero to 12 rigs since the beginning of 2011, and we have contracted four more rigs that will begin operating in West Texas by year-end, although day rates are lower in West Texas when compared to certain other regions, putting rigs back to work results in higher utilization rates and increased Adjusted EBITDA."
Pioneer Drilling has a potential upside of 14.3% based on a current price of $15.58 and an average consensus analyst price target of $17.81.
Oil & Gas Post
Promote Your Page Too
No comments:
Post a Comment