ATB Cormark Capital Markets Issues Pessimistic Forecast for Precision Drilling (TSE:PD) Stock Price

Key Points

• ATB Cormark cut Precision Drilling’s price target to C$160 from C$165, while maintaining an “outperform” rating and implying roughly 50% upside from the prior close.
• Analyst views remain mixed but generally positive: the stock has a “Moderate Buy” consensus rating and an average target price of C$148, with three Buy and three Hold ratings.
• Precision Drilling shares rose 3.6% to C$106.56, but the company reported a quarterly loss of C$0.52 per share, C$452.8 million in revenue, and negative net margin and return on equity.

Precision Drilling (TSE:PD - Get Free Report) NYSE: PDS had its price objective cut by research analysts at ATB Cormark Capital Markets from C$165.00 to C$160.00 in a note issued to investors on Thursday,BayStreet.CA reports. The firm currently has an "outperform" rating on the stock. ATB Cormark Capital Markets' target price suggests a potential upside of 50.15% from the company's previous close.

Other research analysts have also issued research reports about the company. Raymond James Financial raised their price objective on Precision Drilling from C$162.00 to C$165.00 and gave the company an "outperform" rating in a research report on Friday, May 1st. Royal Bank Of Canada boosted their target price on Precision Drilling from C$140.00 to C$150.00 and gave the stock an "outperform" rating in a report on Tuesday, April 14th. Canadian Imperial Bank of Commerce cut their target price on Precision Drilling from C$160.00 to C$155.00 in a research note on Thursday. BMO Capital Markets raised their price target on Precision Drilling from C$160.00 to C$165.00 in a report on Thursday, April 30th. Finally, National Bank Financial lifted their price target on Precision Drilling from C$140.00 to C$150.00 and gave the stock a "sector perform" rating in a research report on Friday, May 1st. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of C$148.00.

Precision Drilling Stock Up 3.6%

TSE:PD traded up C$3.66 during mid-day trading on Thursday, hitting C$106.56. 64,852 shares of the company's stock were exchanged, compared to its average volume of 90,711. The company has a market cap of C$1.38 billion, a PE ratio of -102.46, a P/E/G ratio of -3.24 and a beta of 0.42. The company has a debt-to-equity ratio of 45.24, a current ratio of 1.70 and a quick ratio of 1.36. Precision Drilling has a one year low of C$72.87 and a one year high of C$143.81. The business has a fifty day moving average price of C$120.11 and a 200 day moving average price of C$121.37.

Precision Drilling (TSE:PD - Get Free Report) NYSE: PDS last announced its earnings results on Wednesday, July 29th. The company reported C($0.52) earnings per share for the quarter. Precision Drilling had a negative net margin of 0.82% and a negative return on equity of 0.94%. The business had revenue of C$452.80 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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