Pioneer Drilling Co (NYSEAMEX:PDC) warned on Monday that its second-quarter financial results will be hurt by soft demand and low oil and natural gas liquid prices.
The company offers its services to independent and key oil and gas workers all through the county, especially in Texas and Louisiana.
The drilling company anticipated revenue expansion at its production-services unit at the low end of its prior forecast of 5% to 10% with margins in the range of 40% to 42%, down from the flat margin forecast of 43.6%.
Pioneer Drilling in May announced profit in first-quarter and a boost from its $110 million cash purchase of Go-Coil LLC in January.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Nabors Industries Ltd. (NYSE:NBR) fell -2.88% to settle at $12.81, Radio Patterson-UTI Energy, Inc. (NASDAQ:PTEN) moved down -5.42% to end at $13.09 while Precision Drilling Corporation (NYSE:PDS) plunged -4.12% to finish on Monday at $6.05.
Pioneer Drilling Co (NYSEAMEX:PDC) on June 25, 2012 decreased -11.83% to the closing price of $6.71. The overall volume in the last trading session was 1.47 million shares. Its fifty two week range was $5.83-$18.00. The total market capitalization remained $415.22 million.
PDC is ahead its 52 week low with +15.09% and going forward from its 52 week high price with -62.72%. PDC last month stock price volatility remained 6.15%. In its share capital PDC has 61.88 million outstanding shares among them 59.57 million shares have been floated in market exchange. PDC stock institutional ownership remained 86.53% while insider ownership included 1.62%.
The stock price of PDC is moving down from its 20 days moving average with -10.31% and remote negatively from 50 days moving average with -12.07%. PDC current year earnings per share experienced an addition with +130.76% while its current quarter performance remained -25.94%. Company’s beta coefficient included 1.97. Beta factors measures the amount of market risk associated with market trade.
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