Precision Drilling (TSE:PD) Given New C$155.00 Price Target at Canadian Imperial Bank of Commerce

Key Points

• Canadian Imperial Bank of Commerce lowered Precision Drilling’s price target to C$155 from C$160, still implying 45.46% potential upside from the previous close.
• Analyst sentiment remains positive overall, with three Buy and three Hold ratings producing a “Moderate Buy” consensus and an average target price of C$148.
• Precision Drilling shares rose 3.6% to C$106.56, while the company reported a quarterly loss of C$0.52 per share on C$452.8 million in revenue.

Precision Drilling (TSE:PD - Get Free Report) NYSE: PDS had its price target reduced by analysts at Canadian Imperial Bank of Commerce from C$160.00 to C$155.00 in a research note issued on Thursday,BayStreet.CA reports. Canadian Imperial Bank of Commerce's price target suggests a potential upside of 45.46% from the company's previous close.

Other research analysts have also recently issued reports about the stock. National Bank Financial lifted their price objective on shares of Precision Drilling from C$140.00 to C$150.00 and gave the company a "sector perform" rating in a report on Friday, May 1st. TD dropped their price target on shares of Precision Drilling from C$130.00 to C$124.00 and set a "hold" rating on the stock in a research report on Monday, July 13th. Raymond James Financial lifted their price target on Precision Drilling from C$162.00 to C$165.00 and gave the company an "outperform" rating in a research note on Friday, May 1st. ATB Cormark Capital Markets decreased their price objective on Precision Drilling from C$175.00 to C$165.00 and set an "outperform" rating for the company in a report on Friday, July 10th. Finally, BMO Capital Markets increased their price objective on Precision Drilling from C$160.00 to C$165.00 in a research note on Thursday, April 30th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of C$148.00.

Precision Drilling Stock Up 3.6%

Shares of TSE:PD traded up C$3.66 during trading on Thursday, reaching C$106.56. 64,852 shares of the stock were exchanged, compared to its average volume of 90,711. 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 1-year low of C$72.87 and a 1-year high of C$143.81. The stock has a fifty day moving average of C$120.11 and a two-hundred day moving average of C$121.37. The firm has a market cap of C$1.38 billion, a price-to-earnings ratio of -102.46, a price-to-earnings-growth ratio of -3.24 and a beta of 0.42.

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

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.

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