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Friday, February 27, 2009 12:19:11 PM
Changing gears a bit, let's turn to a land driller getting no love. Earlier this month, I suggested that people picking up shares of drillers like Precision Drilling Trust (NYSE: PDS) or Helmerich & Paynes (NYSE: HP) were likely to get burned in the near term. That's turned out to be horribly prescient in the case of the former company.
The shares of this well-heeled contract driller have collapsed from what seemed like already depressed levels to $2 and change. Precision has been attempting to shore up its balance sheet by various means, from dashing its dividend to raising fresh capital. Mr. Market has been most unimpressed. Somehow, Precision managed to place new units at $3.75 yesterday. The proposed debt issuance, however, has stalled. That leaves Precision stuck with a bridge loan charging 17% interest.
Is Precision perilously close to defaulting on its obligations? The market price suggests an affirmative answer, but the real pressure doesn't hit until the very end of 2009, when debt maturities begin to surface. That suggests to me that Precision has time to maneuver its way through this funding crunch. But I'm just one guy, and the market has spoken. Unless you have some unique insight into the situation here, I would probably suggest standing aside.
Recent PDS News
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/13/2024 10:00:43 AM
- Precision Drilling Announces Renewal of Normal Course Issuer Bid • GlobeNewswire Inc. • 09/13/2024 10:00:28 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/26/2024 08:32:43 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/01/2024 06:56:34 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/30/2024 08:30:07 PM
- Precision Drilling Announces 2024 Second Quarter Unaudited Financial Results • GlobeNewswire Inc. • 07/30/2024 08:30:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/08/2024 12:00:13 PM
- Precision Drilling Extends Senior Credit Facility and Provides Progress Update on 2024 Debt Repayment and Share Repurchase Targets • GlobeNewswire Inc. • 07/08/2024 12:00:00 PM
- Precision Drilling Corporation 2024 Second Quarter Results Conference Call and Webcast • GlobeNewswire Inc. • 07/03/2024 08:00:05 PM
- Precision Drilling Corporation Announces Voting Results from the 2024 Annual and Special Meeting of Shareholders • GlobeNewswire Inc. • 05/16/2024 09:28:52 PM
- Precision Drilling Corporation Holding Virtual-Only 2024 Annual and Special Meeting of Shareholders on May 16 • GlobeNewswire Inc. • 05/02/2024 08:00:42 PM
- Precision Drilling Announces 2024 First Quarter Unaudited Financial Results • GlobeNewswire Inc. • 04/25/2024 10:29:46 AM
- Precision Drilling Corporation Announces Filing of Management Information Circular, Virtual-Only Annual and Special Meeting of Shareholders, and 2023 ESG Performance Data • GlobeNewswire Inc. • 04/03/2024 08:38:55 PM
- Precision Drilling Corporation 2024 First Quarter Results Conference Call and Webcast • GlobeNewswire Inc. • 04/02/2024 10:00:19 AM
- Precision Drilling Corporation Announces Filing of Annual Disclosure Documents • GlobeNewswire Inc. • 03/04/2024 11:00:14 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 03/04/2024 10:26:53 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/26/2024 01:00:23 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/06/2024 12:04:30 PM
- Precision Drilling Reports 2023 Fourth Quarter and Year-End Unaudited Financial Results • GlobeNewswire Inc. • 02/06/2024 11:00:03 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/05/2024 11:06:25 AM
- Precision Drilling Meets 2023 Debt Repayment and Share Repurchase Targets and Provides Capital Allocation, Financial and Operational Updates • GlobeNewswire Inc. • 01/05/2024 11:00:10 AM
- Precision Drilling Corporation 2023 Fourth Quarter and Year-End Results Conference Call and Webcast • GlobeNewswire Inc. • 01/04/2024 11:00:50 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/04/2024 11:00:11 AM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 12/20/2023 09:02:26 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 12/13/2023 03:43:11 PM
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