TD Issues Positive Forecast for Precision Drilling (TSE:PD) Stock Price

Key Points

• TD raised its price target for Precision Drilling from C$150 to C$182 and maintained a “buy” rating, implying approximately 22% upside from the current price.
• Analyst sentiment is broadly positive: Precision Drilling has an average “Buy” rating and an average price target of C$165.62, with National Bank Financial also upgrading the stock to “outperform.”
• The shares rose 0.9% to C$149 during Thursday trading. The company recently reported quarterly revenue of C$531.65 million and earnings of C$1.65 per share.

Precision Drilling (TSE:PD - Get Free Report) NYSE: PDS had its price target lifted by equities research analysts at TD from C$150.00 to C$182.00 in a report issued on Thursday, BayStreet reports. The brokerage currently has a "buy" rating on the stock. TD's price objective points to a potential upside of 22.15% from the company's current price.

A number of other brokerages have also recently commented on PD. National Bank Financial upgraded Precision Drilling from a "hold" rating to an "outperform" rating and increased their target price for the company from C$150.00 to C$185.00 in a report on Monday. ATB Cormark Capital Markets reduced their price target 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. Canadian Imperial Bank of Commerce reduced their price target on shares of Precision Drilling from C$160.00 to C$155.00 in a research report on Thursday, July 30th. Finally, TD Securities upgraded Precision Drilling from a "hold" rating to a "strong-buy" rating in a research note 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. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of C$165.62.

Precision Drilling Stock Up 0.9%

PD traded up C$1.35 during trading hours on Thursday, hitting C$149.00. 175,030 shares of the company's stock were exchanged, compared to its average volume of 86,247. The firm has a market cap of C$1.88 billion, a P/E ratio of -63.14, a price-to-earnings-growth ratio of -3.24 and a beta of 0.59. The firm has a 50 day moving average of C$123.29 and a 200 day moving average of C$121.32. Precision Drilling has a 12-month low of C$78.76 and a 12-month high of C$157.05. The company has a current ratio of 1.46, a quick ratio of 1.36 and a debt-to-equity ratio of 43.54.

Precision Drilling (TSE:PD - Get Free Report) NYSE: PDS last posted its earnings results on Wednesday, October 28th. The company reported C$1.65 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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