Precision Drilling (TSE:PD) Given New C$165.00 Price Target at ATB Cormark Capital Markets

Key Points

• ATB Cormark cut its price target on Precision Drilling to C$165 from C$175, while maintaining an outperform rating. The new target still implies about 45.6% upside from the prior close.
• Other analysts remain mixed but generally constructive: the stock now has a Moderate Buy consensus, with an average target price of C$151. Across recent reports, three analysts rate it a Buy and three rate it Hold.
• Shares of Precision Drilling fell 0.9% to C$113.33 in Friday trading. The company also reported quarterly earnings of C$1.34 per share on revenue of C$526.05 million.

Precision Drilling (TSE:PD - Get Free Report) NYSE: PDS had its target price decreased by research analysts at ATB Cormark Capital Markets from C$175.00 to C$165.00 in a research note issued on Friday,BayStreet.CA reports. The firm currently has an "outperform" rating on the stock. ATB Cormark Capital Markets' price objective points to a potential upside of 45.59% from the company's previous close.

A number of other equities analysts have also weighed in on the stock. BMO Capital Markets lifted their price objective on shares of Precision Drilling from C$160.00 to C$165.00 in a research report on Thursday, April 30th. TD upped their target price on Precision Drilling from C$127.00 to C$130.00 and gave the company a "hold" rating in a report on Friday, May 1st. Canadian Imperial Bank of Commerce raised their price objective on shares of Precision Drilling from C$150.00 to C$160.00 in a research note on Friday, May 1st. National Bank Financial boosted 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 research report on Friday, May 1st. Finally, Royal Bank Of Canada increased their target price on Precision Drilling from C$140.00 to C$150.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 14th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Precision Drilling presently has an average rating of "Moderate Buy" and an average target price of C$151.00.

Precision Drilling Stock Down 0.9%

Shares of PD traded down C$1.05 during midday trading on Friday, reaching C$113.33. The stock had a trading volume of 31,273 shares, compared to its average volume of 92,003. Precision Drilling has a 1-year low of C$66.52 and a 1-year high of C$143.81. The company's fifty day simple moving average is C$123.94 and its two-hundred day simple moving average is C$119.57. The company has a market cap of C$1.47 billion, a price-to-earnings ratio of -108.97, a PEG 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 (TSE:PD - Get Free Report) NYSE: PDS last posted its earnings results 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 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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