Brokerages Set Precision Drilling Corp (TSE:PD) Target Price at C$4.50

Shares of Precision Drilling Corp (TSE:PD) (NYSE:PDS) have been assigned an average recommendation of “Strong Buy” from the twelve ratings firms that are currently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is C$4.50.

A number of brokerages have recently commented on PD. Citigroup reduced their target price on shares of Precision Drilling from C$4.50 to C$3.50 in a report on Thursday, June 6th. CIBC reduced their target price on shares of Precision Drilling from C$4.75 to C$4.50 in a report on Thursday, July 18th. AltaCorp Capital reaffirmed an “outperform” rating on shares of Precision Drilling in a report on Thursday, June 20th. Evercore reduced their target price on shares of Precision Drilling from C$5.00 to C$4.50 in a report on Monday, July 29th. Finally, Raymond James set a C$4.75 target price on shares of Precision Drilling and gave the company a “strong-buy” rating in a report on Tuesday, August 20th.

TSE PD remained flat at $C$1.84 during trading hours on Friday. 9,709,100 shares of the company’s stock traded hands, compared to its average volume of 1,548,080. The company has a current ratio of 1.83, a quick ratio of 1.62 and a debt-to-equity ratio of 102.02. Precision Drilling has a one year low of C$1.36 and a one year high of C$4.90. The stock has a market cap of $540.56 million and a P/E ratio of -2.48. The firm has a fifty day moving average of C$1.73 and a 200 day moving average of C$2.58.

Precision Drilling (TSE:PD) (NYSE:PDS) last released its quarterly earnings data on Thursday, July 25th. The company reported C($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of C($0.10) by C$0.05. The company had revenue of C$359.42 million during the quarter, compared to analyst estimates of C$343.27 million. On average, sell-side analysts predict that Precision Drilling will post -0.06 earnings per share for the current year.

In other news, Director Kevin A. Neveu purchased 35,000 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was purchased at an average cost of C$1.43 per share, with a total value of C$50,015.00. Following the completion of the acquisition, the director now directly owns 1,055,966 shares of the company’s stock, valued at approximately C$1,508,975.41.

About Precision Drilling

Precision Drilling Corporation, an oilfield services company, 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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