Precision Drilling (TSE:PD) Stock Gets Price Target Increase from Raymond James Financial

Key Points

• Raymond James raised Precision Drilling’s price target from C$170 to C$175 while maintaining an “outperform” rating, implying 17.45% upside from the current price.
• Analyst sentiment has strengthened, with National Bank Financial, TD Securities, TD, and ATB Cormark also raising ratings or price targets. The stock carries a consensus “Buy” rating and an average price target of C$165.62.
• Precision Drilling shares rose 0.9% to C$149 during Thursday trading. The company recently reported quarterly EPS of C$1.65 and revenue of C$531.65 million, though it posted negative net margins and return on equity.

Precision Drilling (TSE:PD - Get Free Report) NYSE: PDS had its target price lifted by stock analysts at Raymond James Financial from C$170.00 to C$175.00 in a report released on Thursday, BayStreet reports. The firm presently has an "outperform" rating on the stock. Raymond James Financial's price objective would suggest a potential upside of 17.45% from the stock's current price.

Several other equities research analysts have also commented on PD. National Bank Financial raised shares of Precision Drilling from a "hold" rating to an "outperform" rating and boosted their price objective for the stock from C$150.00 to C$185.00 in a research note on Monday. TD Securities raised Precision Drilling from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, October 20th. TD upped their price target on Precision Drilling from C$150.00 to C$182.00 and gave the stock a "buy" rating in a research note on Thursday. Canadian Imperial Bank of Commerce cut their price target on Precision Drilling from C$160.00 to C$155.00 in a research note on Thursday, July 30th. Finally, ATB Cormark Capital Markets lifted their price objective on Precision Drilling from C$170.00 to C$190.00 and gave the company an "outperform" rating in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of C$165.62.

Precision Drilling Stock Up 0.9%

PD stock traded up C$1.35 during midday trading on Thursday, hitting C$149.00. The stock had a trading volume of 175,030 shares, compared to its average volume of 86,247. The firm has a market cap of C$1.88 billion, a price-to-earnings ratio of -63.14, a price-to-earnings-growth ratio of -3.24 and a beta of 0.59. The business has a 50-day moving average of C$123.29 and a two-hundred day moving average of C$121.32. Precision Drilling has a 52-week low of C$78.76 and a 52-week high of C$157.05. 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 announced its quarterly earnings data on Wednesday, October 28th. The company reported C$1.65 EPS for the quarter. The business had revenue of C$531.65 million during the quarter. Precision Drilling had a negative return on equity of 2.03% and a negative net margin of 1.71%.

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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