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photofellow Note: Precision Drilling is a Canadian company; the article distinguishes between Canadian dollars (C$) and US dollars (US$). Investment thesis Precision Drilling (NYSE: PDS ) is one of the 5 big providers of land drilling services to the oil and gas industry in the US and Canada; the other 4 are: Nabors Industries ( NBR ); Helmerich & Payne ( HP ); Patterson-UTI Energy ( PTEN ); Ensign Energy Services ( ESI:CA ). NBR, HP, and PTEN are US companies whereas Precision and Ensign are Canadian-based although both Canadian peers also run US rigs. Generally, these drillers segment their operations among the US, Canada, and "international", the latter capturing anything outside North America. Canadian Precision (TSX: PD:CA ) and Ensign ( OTCPK:ESVIF ) both maintain dual US-Canada listings; however, while PDS is an NYSE listing, ESVIF is over-the-counter and carries some liquidity risk. Similar to its peers, Precision Drilling’s stock has taken a hit over the last couple months and is now re-testing the lows from this past spring: Data by YCharts This has been due to the disappointing (from a services provider’s perspective) US rig counts that have been sliding down for most of the year. However, […]
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