Precision Drilling (TSE:PD) Given New C$150.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised its price target on Precision Drilling to C$150 (from C$140) and kept an "outperform" rating, implying about a 21.7% upside from the prior close.
• Several other brokers have also boosted targets, leaving a MarketBeat consensus of "Moderate Buy" with a consensus target of C$144.75, above the current share price.
• Shares traded near C$123.27 mid-day (12‑month range C$54.73–C$143.81), and the company reported a quarterly loss of C($6.50) EPS on C$478.5M of revenue.

Precision Drilling (TSE:PD - Get Free Report) NYSE: PDS had its price target boosted by research analysts at Royal Bank Of Canada from C$140.00 to C$150.00 in a research note issued to investors on Tuesday,BayStreet.CA reports. The firm currently has an "outperform" rating on the stock. Royal Bank Of Canada's target price suggests a potential upside of 21.68% from the stock's previous close.

A number of other brokerages have also recently issued reports on PD. Canadian Imperial Bank of Commerce boosted their price objective on Precision Drilling from C$140.00 to C$150.00 in a research note on Tuesday, March 24th. TD Securities upped their price target on Precision Drilling from C$118.00 to C$123.00 in a research report on Thursday, February 12th. ATB Cormark Capital Markets upped their price target on Precision Drilling from C$135.00 to C$160.00 and gave the company an "outperform" rating in a research report on Monday, March 23rd. TD upped their price target on Precision Drilling from C$123.00 to C$127.00 and gave the company a "hold" rating in a research report on Monday. Finally, Raymond James Financial upped their price target on Precision Drilling from C$143.00 to C$158.00 in a research report on Monday, March 30th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Precision Drilling currently has a consensus rating of "Moderate Buy" and a consensus target price of C$144.75.

Precision Drilling Stock Performance

Precision Drilling stock traded down C$4.77 during midday trading on Tuesday, reaching C$123.27. The stock had a trading volume of 38,355 shares, compared to its average volume of 90,532. Precision Drilling has a 12 month low of C$54.73 and a 12 month high of C$143.81. The firm's 50-day moving average price is C$125.65 and its 200 day moving average price is C$102.47. The firm has a market capitalization of C$1.60 billion, a PE ratio of 880.50, a P/E/G ratio of -3.24 and a beta of 0.59. The company has a quick ratio of 1.36, a current ratio of 1.62 and a debt-to-equity ratio of 49.96.

Precision Drilling (TSE:PD - Get Free Report) NYSE: PDS last announced its quarterly earnings data on Thursday, February 12th. The company reported C($6.50) earnings per share (EPS) for the quarter. Precision Drilling had a net margin of 0.10% and a return on equity of 0.11%. The firm had revenue of C$478.51 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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