Precision Drilling (PD) Price Target Cut to C$4.50

Precision Drilling (TSE:PD) (NYSE:PDS) had its price objective cut by equities researchers at Canaccord Genuity from C$4.75 to C$4.50 in a note issued to investors on Thursday. Canaccord Genuity’s price objective indicates a potential upside of 38.89% from the company’s current price.

PD has been the topic of several other reports. CIBC dropped their target price on Precision Drilling from C$7.00 to C$6.25 in a research report on Tuesday, October 16th. GMP Securities increased their target price on Precision Drilling from C$7.00 to C$7.50 in a research report on Tuesday, October 9th. Raymond James dropped their target price on Precision Drilling from C$6.50 to C$5.75 in a research report on Monday, October 15th. Cormark increased their target price on Precision Drilling from C$5.50 to C$6.00 in a research report on Friday, July 27th. Finally, TD Securities lowered Precision Drilling from an “action list buy” rating to a “buy” rating and increased their target price for the stock from C$7.00 to C$7.50 in a research report on Wednesday, September 5th. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of C$6.01.

Shares of PD opened at C$3.24 on Thursday. Precision Drilling has a 12-month low of C$3.03 and a 12-month high of C$5.33. The company has a current ratio of 1.85, a quick ratio of 1.73 and a debt-to-equity ratio of 98.19.

Precision Drilling (TSE:PD) (NYSE:PDS) last announced its quarterly earnings data on Thursday, October 25th. The company reported C($0.10) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of C($0.08) by C($0.02). The company had revenue of C$382.46 million during the quarter, compared to analysts’ expectations of C$395.40 million. On average, sell-side analysts forecast that Precision Drilling will post -0.01 earnings per share for the current year.

In related news, Director Wane Jacob Stickland bought 10,000 shares of the company’s stock in a transaction on Wednesday, October 31st. The shares were purchased at an average cost of C$3.17 per share, with a total value of C$31,700.00. Insiders acquired 32,000 shares of company stock worth $88,100 over the last ninety days.

About Precision Drilling

Precision Drilling Corporation provides oil and natural gas drilling and related services and products. The company operates in two segments, Contract Drilling Services, and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry.

Featured Article: What are the reasons investors use put options?

Analyst Recommendations for Precision Drilling (TSE:PD)

Receive News & Ratings for Precision Drilling Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Precision Drilling and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply