Precision Drilling's stock fell sharply by 5.04% during intraday trading on Thursday, as investors reacted negatively to the company's latest earnings report.

The decline followed Precision Drilling's release of quarterly results that showed adjusted earnings per share of C$1.34 for the quarter ended March 31, significantly below analysts' expectations of C$2.58 per share. While the company reported a 6% year-over-year revenue increase to C$526.05 million, which exceeded the C$506.30 million consensus estimate, the earnings miss appears to have driven the stock's downward movement.

The earnings disappointment represents a decline from the same quarter last year when Precision Drilling reported EPS of C$2.20. Despite the current quarter's results, the company's shares had gained 37.5% year-to-date prior to this earnings release.