Here’s Why Precision Drilling Corp’s Stock Continued Soaring Today

Here’s Why Precision Drilling Corp’s Stock Continued Soaring Today

Shares of Precision Drilling (NYSE: PDS) jumped on Monday and were up 12% at 2:45 p.m. EDT. That rally pushed the stock up nearly 24% since it reported third-quarter results last week.

On Friday, the Canadian drilling contractor said that its revenue jumped 47% in the third quarter to 315 million Canadian dollars (more than $245 million) thanks to an improvement in drilling activities across North America and higher dayrates for its rigs internationally. Because of that, Precision Drilling's loss narrowed to CA$26 million, or $0.09 per share, which was better than analysts expected and an improvement from a CA$47 million, $0.16 per share, loss in the year-ago quarter.

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Source: Fool.com