Canadian Imperial Bank of Commerce Increases Precision Drilling (TSE:PD) Price Target to C$160.00

Key Points

• Canadian Imperial Bank of Commerce raised its price target on Precision Drilling to C$160 (from C$150), implying about a 23.6% upside from the previous close.
• Multiple brokerages have recently lifted targets, leaving the consensus as a Moderate Buy with an average price target of C$152.25 (three Buy ratings and three Hold ratings).
• Shares traded up ~2.2% to C$129.45 on Friday; Precision Drilling reported quarterly EPS of C$1.34 and revenue of C$526.05 million.

Precision Drilling (TSE:PD - Get Free Report) NYSE: PDS had its price objective lifted by equities researchers at Canadian Imperial Bank of Commerce from C$150.00 to C$160.00 in a report issued on Friday,BayStreet.CA reports. Canadian Imperial Bank of Commerce's price objective would indicate a potential upside of 23.60% from the company's previous close.

PD has been the topic of a number of other reports. National Bank Financial lifted their price objective on Precision Drilling from C$120.00 to C$140.00 and gave the stock a "sector perform" rating in a research report on Friday, February 13th. TD Securities lifted their price objective on Precision Drilling from C$118.00 to C$123.00 in a research report on Thursday, February 12th. BMO Capital Markets raised their target price on Precision Drilling from C$160.00 to C$165.00 in a research note on Thursday. TD raised their target price on Precision Drilling from C$123.00 to C$127.00 and gave the company a "hold" rating in a research note on Monday, April 13th. Finally, Raymond James Financial raised their target price on Precision Drilling from C$143.00 to C$158.00 in a research note on Monday, March 30th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Precision Drilling presently has an average rating of "Moderate Buy" and an average price target of C$152.25.

Precision Drilling Trading Up 2.2%

Shares of PD stock traded up C$2.75 during trading hours on Friday, reaching C$129.45. The company's stock had a trading volume of 77,339 shares, compared to its average volume of 96,644. The stock has a market capitalization of C$1.68 billion, a P/E ratio of 924.64, a P/E/G ratio of -3.24 and a beta of 0.59. Precision Drilling has a one year low of C$54.73 and a one year high of C$143.81. The firm's fifty day simple moving average is C$127.45 and its 200 day simple moving average is C$106.26. The company has a current ratio of 1.62, a quick ratio of 1.36 and a debt-to-equity ratio of 49.96.

Precision Drilling (TSE:PD - Get Free Report) NYSE: PDS last issued its quarterly earnings data on Thursday, April 30th. The company reported C$1.34 earnings per share for the quarter. The firm had revenue of C$526.05 million for the quarter. Precision Drilling had a return on equity of 0.11% and a net margin of 0.10%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.