Canaccord Genuity Cuts Precision Drilling (PD) Price Target to C$4.00

Precision Drilling (TSE:PD) (NYSE:PDS) had its price target decreased by Canaccord Genuity from C$4.50 to C$4.00 in a report released on Thursday. The firm currently has a “buy” rating on the stock. Canaccord Genuity’s price objective suggests a potential upside of 35.59% from the company’s current price.

Several other analysts have also recently commented on the company. BMO Capital Markets restated an “outperform” rating and issued a C$4.00 price target on shares of Precision Drilling in a report on Tuesday, December 11th. GMP Securities lifted their price target on Precision Drilling from C$7.00 to C$7.50 in a report on Tuesday, October 9th. Raymond James lowered their price target on Precision Drilling from C$6.50 to C$5.75 in a report on Monday, October 15th. CIBC lowered their price target on Precision Drilling from C$7.00 to C$6.25 in a report on Tuesday, October 16th. Finally, National Bank Financial set a C$4.00 price target on Precision Drilling and gave the company an “outperform” rating in a report on Friday, December 21st. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the stock. Precision Drilling presently has a consensus rating of “Buy” and an average target price of C$5.31.

Shares of PD stock opened at C$2.95 on Thursday. Precision Drilling has a twelve month low of C$2.25 and a twelve month high of C$5.33. The company has a debt-to-equity ratio of 98.19, a quick ratio of 1.73 and a current ratio of 1.85.

Precision Drilling (TSE:PD) (NYSE:PDS) last announced its earnings results on Thursday, October 25th. The company reported C($0.10) earnings per share for the quarter, missing the consensus estimate of C($0.08) by C($0.02). The company had revenue of C$382.46 million for the quarter, compared to analysts’ expectations of C$395.40 million. On average, equities research analysts predict that Precision Drilling will post -0.140000000945946 EPS for the current fiscal year.

In other news, Director Wane Jacob Stickland bought 10,000 shares of the firm’s stock in a transaction dated Wednesday, October 31st. The stock was acquired at an average price of C$3.17 per share, for a total transaction of C$31,700.00. Also, Director Brian James Gibson bought 40,000 shares of the firm’s stock in a transaction dated Tuesday, December 11th. The shares were purchased at an average price of C$2.64 per share, with a total value of C$105,600.00. Insiders acquired a total of 82,000 shares of company stock valued at $219,700 in the last 90 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.

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Analyst Recommendations for Precision Drilling (TSE:PD)

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