Precision Drilling (TSE:PD) Price Target Raised to C$190.00

Key Points

• ATB Cormark raised Precision Drilling’s price target to C$190 from C$170 and maintained an “outperform” rating, implying 27.52% upside from the prior close.
• Analyst sentiment is broadly positive: the stock has a consensus “Buy” rating and a C$165.62 average target, with TD and National Bank Financial also recently raising their targets or ratings.
• Precision Drilling shares rose to C$149, near their 52-week high of C$157.05. The company reported quarterly revenue of C$531.65 million and earnings of C$1.65 per share, though it posted a negative net margin of 1.71%.

Precision Drilling (TSE:PD - Get Free Report) NYSE: PDS had its target price increased by equities researchers at ATB Cormark Capital Markets from C$170.00 to C$190.00 in a research note issued on Thursday, BayStreet reports. The firm currently has an "outperform" rating on the stock. ATB Cormark Capital Markets's price objective points to a potential upside of 27.52% from the stock's previous close.

PD has been the subject of a number of other reports. TD boosted their price target on Precision Drilling from C$150.00 to C$182.00 and gave the company a "buy" rating in a report on Thursday. Canadian Imperial Bank of Commerce lowered their price objective on shares of Precision Drilling from C$160.00 to C$155.00 in a research note on Thursday, July 30th. National Bank Financial upgraded shares of Precision Drilling from a "hold" rating to an "outperform" rating and boosted their price target for the company from C$150.00 to C$185.00 in a report on Monday. Finally, TD Securities upgraded Precision Drilling from a "hold" rating to a "strong-buy" rating in a report on Tuesday, October 20th. One research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of C$165.62.

Precision Drilling Price Performance

Shares of TSE PD traded up C$1.35 during trading on Thursday, hitting C$149.00. 175,030 shares of the company were exchanged, compared to its average volume of 86,247. Precision Drilling has a 1 year low of C$78.76 and a 1 year high of C$157.05. The company has a market cap of C$1.88 billion, a price-to-earnings ratio of -63.14, a PEG ratio of -3.24 and a beta of 0.59. The firm's fifty day moving average price is C$123.29 and its 200 day moving average price is C$121.32. 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, October 28th. The company reported C$1.65 earnings per share (EPS) for the quarter. Precision Drilling had a negative return on equity of 2.03% and a negative net margin of 1.71%. The business had revenue of C$531.65 million for the quarter.

About Precision Drilling

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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