National Bank Financial Upgrades Precision Drilling (TSE:PD) to Outperform

Key Points

• National Bank Financial upgraded Precision Drilling from “sector perform” to “outperform” and raised its price target from C$150 to C$185, implying 33.58% upside.
• Other analysts have also become more bullish: TD upgraded the stock to “buy,” while TD Securities raised it to “strong buy.” Precision Drilling carries an overall “Buy” rating with an average target price of C$156.62.
• Shares rose C$6.80 to C$138.49 in Monday trading, near the company’s 52-week high of C$143.81, despite the latest quarter showing a C$0.52 loss per share and negative net margin.

Precision Drilling (TSE:PD - Get Free Report) NYSE: PDS was upgraded by research analysts at National Bank Financial from a "sector perform" rating to an "outperform" rating in a report released on Monday, BayStreet reports. The brokerage presently has a C$185.00 price target on the stock, up from their prior price target of C$150.00. National Bank Financial's price target indicates a potential upside of 33.58% from the company's current price.

Several other equities research analysts have also issued reports on the company. TD raised Precision Drilling from a "hold" rating to a "buy" rating and lifted their price target for the stock from C$116.00 to C$150.00 in a research note on Tuesday, October 20th. TD Securities upgraded Precision Drilling from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, October 20th. ATB Cormark Capital Markets reduced their price objective on Precision Drilling from C$165.00 to C$160.00 and set an "outperform" rating on the stock in a research report on Thursday, July 30th. Finally, Canadian Imperial Bank of Commerce decreased their price objective on Precision Drilling from C$160.00 to C$155.00 in a report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company. According to data from MarketBeat.com, Precision Drilling currently has an average rating of "Buy" and an average target price of C$156.62.

Precision Drilling Price Performance

PD stock traded up C$6.80 during midday trading on Monday, reaching C$138.49. The company had a trading volume of 95,508 shares, compared to its average volume of 84,813. The firm has a 50-day moving average price of C$122.18 and a 200-day moving average price of C$121.51. The company has a market capitalization of C$1.74 billion, a P/E ratio of -58.68, a P/E/G ratio of -3.24 and a beta of 0.59. Precision Drilling has a 1 year low of C$78.76 and a 1 year high of C$143.81. The company has a debt-to-equity ratio of 43.54, a current ratio of 1.46 and a quick ratio of 1.36.

Precision Drilling (TSE:PD - Get Free Report) NYSE: PDS last posted its quarterly earnings data on Wednesday, July 29th. The company reported C($0.52) earnings per share for the quarter. The company had revenue of C$452.80 million for the quarter. Precision Drilling had a negative net margin of 1.71% and a negative return on equity of 2.03%.

Precision Drilling Company Profile

Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha¿ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen¿ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations.

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