Raymond James Financial Forecasts Strong Price Appreciation for Precision Drilling (TSE:PD) Stock

Key Points

• Raymond James raised its price target on Precision Drilling to C$165 and kept an "outperform" rating, implying about a 27.46% upside from the current share price.
• Several other brokers (ATB Cormark, BMO, RBC, National Bank, TD) also lifted targets, leaving the consensus at a "Moderate Buy" with an average price target of C$152.25.
• Precision shares traded at C$129.45 (up ~2.2%) with a C$1.68B market cap, but carry a very high P/E of 924.64 and a slim net margin (0.10%), signaling stretched valuation relative to current profitability.

Precision Drilling (TSE:PD - Get Free Report) NYSE: PDS had its price target hoisted by research analysts at Raymond James Financial from C$162.00 to C$165.00 in a report issued on Friday,BayStreet.CA reports. The brokerage presently has an "outperform" rating on the stock. Raymond James Financial's price target would indicate a potential upside of 27.46% from the company's current price.

Other analysts also recently issued research reports about the company. ATB Cormark Capital Markets raised their price objective on Precision Drilling from C$165.00 to C$175.00 and gave the stock an "outperform" rating in a research note on Friday. BMO Capital Markets increased their target price on Precision Drilling from C$160.00 to C$165.00 in a report on Thursday. National Bank Financial increased their target price on Precision Drilling from C$140.00 to C$150.00 and gave the stock a "sector perform" rating in a report on Friday. 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 report on Tuesday, April 14th. Finally, TD Securities increased their target price on Precision Drilling from C$118.00 to C$123.00 in a report on Thursday, February 12th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of C$152.25.

Precision Drilling Trading Up 2.2%

Precision Drilling stock traded up C$2.75 during mid-day trading on Friday, hitting C$129.45. 77,339 shares of the company's stock were exchanged, compared to its average volume of 96,644. The firm has a market capitalization of C$1.68 billion, a P/E ratio of 924.64, a PEG ratio of -3.24 and a beta of 0.59. Precision Drilling has a fifty-two week low of C$54.73 and a fifty-two week high of C$143.81. The company has a quick ratio of 1.36, a current ratio of 1.62 and a debt-to-equity ratio of 49.96. The company's 50 day simple moving average is C$127.45 and its 200-day simple moving average is C$106.26.

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 EPS for the quarter. The business 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.

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