Precision Drilling Outlook Unchanged for Now, but We Are Watching Land Drillers Cautiously
Precision Drilling's 14% sequential revenue growth for the third quarter was slightly disappointing, given that the company experienced a strong uplift from the Canadian seasonal rig count recovery. The biggest contributor to the underperformance was the company’s average U.S. rig count of 61 lagging our expected 63. However, we still expect Precision to reach 63 rigs by the first quarter at the latest, although the company will face a plateauing U.S. rig count thereafter. Our overall outlook, f...Precision Drilling is engaged in the provision of contract drilling and completion and production services primarily to oil and natural gas exploration and production companies in Canada and the United States. Co. operates two segments: Contract Drilling Services and Completion and Production Services. The Contract Drilling Services segment includes drilling rigs, directional drilling, procurement and distribution of oilfield supplies, and manufacture, sale and repair of drilling equipment. The Completion and Production Services segment includes service rigs, snubbing units, oilfield equipment rental, camp and catering services, and wastewater treatment units.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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