TD Issues Pessimistic Forecast for Precision Drilling (TSE:PD) Stock Price

Key Points

• TD cut Precision Drilling’s price target from C$124 to C$116 and maintained a “hold” rating, implying 8.86% upside from the previous close.
• Analyst views remain mixed: three analysts rate the stock “buy” and three rate it “hold,” resulting in a consensus “moderate buy” rating and average target of C$148.
• Precision Drilling reported quarterly revenue of C$452.8 million and a loss of C$0.52 per share; shares recently traded at C$106.56, well below their 50-day and 200-day moving averages.

Precision Drilling (TSE:PD - Get Free Report) NYSE: PDS had its price objective cut by equities research analysts at TD from C$124.00 to C$116.00 in a note issued to investors on Thursday,BayStreet.CA reports. The brokerage presently has a "hold" rating on the stock. TD's price target would indicate a potential upside of 8.86% from the stock's previous close.

Other research analysts have also recently issued reports about the stock. Raymond James Financial increased their target price on shares of Precision Drilling from C$162.00 to C$165.00 and gave the company an "outperform" rating in a report on Friday, May 1st. National Bank Financial upped their price target on Precision Drilling from C$140.00 to C$150.00 and gave the stock a "sector perform" rating in a report on Friday, May 1st. Royal Bank Of Canada raised their price objective on Precision Drilling from C$140.00 to C$150.00 and gave the company an "outperform" rating in a research note on Tuesday, April 14th. ATB Cormark Capital Markets decreased their target price on Precision Drilling from C$175.00 to C$165.00 and set an "outperform" rating on the stock in a research report on Friday, July 10th. Finally, Canadian Imperial Bank of Commerce lowered their target price on Precision Drilling from C$160.00 to C$155.00 in a report on Thursday. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of C$148.00.

Precision Drilling Price Performance

Shares of TSE:PD traded up C$3.66 on Thursday, reaching C$106.56. 64,852 shares of the company were exchanged, compared to its average volume of 90,711. The company has a 50-day moving average of C$120.11 and a 200-day moving average of C$121.37. The company has a current ratio of 1.70, a quick ratio of 1.36 and a debt-to-equity ratio of 45.24. 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 has a 1-year low of C$72.87 and a 1-year high of C$143.81.

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

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.

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.