TD Securities Upgrades Precision Drilling (TSE:PD) to Strong-Buy

Key Points

• TD Securities upgraded Precision Drilling from “hold” to “strong buy” and raised its price target from C$116 to C$150.
• Analyst sentiment is broadly positive: the stock has an average “Buy” rating and a consensus price target of C$152.25, despite some recent target-price reductions from other firms.
• Precision Drilling reported quarterly revenue of C$452.8 million and a loss of C$0.52 per share, with negative return on equity and net margin.

Precision Drilling (TSE:PD - Get Free Report) NYSE: PDS was upgraded by equities research analysts at TD Securities from a "hold" rating to a "strong-buy" rating in a report released on Tuesday, Zacks reports.

Several other research analysts have also recently issued reports on the stock. ATB Cormark Capital Markets decreased their target price on shares of Precision Drilling from C$165.00 to C$160.00 and set an "outperform" rating for the company in a report on Thursday, July 30th. TD upgraded shares of Precision Drilling from a "hold" rating to a "buy" rating and increased their price target for the company from C$116.00 to C$150.00 in a report on Tuesday. Finally, Canadian Imperial Bank of Commerce cut their price target on shares of 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, four have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of C$152.25.

Precision Drilling Price Performance

PD opened at C$128.46 on Tuesday. The stock has a 50-day moving average price of C$121.41 and a 200-day moving average price of C$121.56. The company has a debt-to-equity ratio of 43.54, a current ratio of 1.46 and a quick ratio of 1.36. The firm has a market cap of C$1.62 billion, a PE ratio of -54.43, a P/E/G ratio of -3.24 and a beta of 0.59. Precision Drilling has a 1 year low of C$75.94 and a 1 year high of C$143.81.

Precision Drilling (TSE:PD - Get Free Report) NYSE: PDS last announced its quarterly earnings results on Wednesday, July 29th. The company reported C($0.52) 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 firm had revenue of C$452.80 million during 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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