The Bottom Has Passed for Precision, but Performance Remains Weak
Precision Drilling reported a loss of CAD 0.16 per share in its announcement of third-quarter results, versus our forecast of a loss of CAD 0.20 and consensus of CAD 0.21. The company realized an effective quarterly tax rate of about 44%, versus our assumed 25%, which allowed it to reap a large tax benefit on the company’s before-tax loss. Precision's operating results turned out slightly worse than our expectations, with an operating loss of CAD 55 million, versus our expectation of a loss of C...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.
We have operations in 27 countries.
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