CIBC Lowers Precision Drilling (PD) Price Target to C$6.25

Precision Drilling (TSE:PD) (NYSE:PDS) had its price target trimmed by CIBC from C$7.00 to C$6.25 in a research note published on Tuesday.

A number of other equities research analysts have also recently commented on PD. Canaccord Genuity reduced their target price on shares of Precision Drilling from C$5.25 to C$4.75 in a research report on Tuesday. Raymond James increased their target price on shares of Precision Drilling from C$5.75 to C$7.25 and gave the company a strong-buy rating in a research report on Tuesday, July 10th. Cormark increased their target price on shares of Precision Drilling from C$5.50 to C$6.00 in a research report on Friday, July 27th. GMP Securities increased their target price on shares of Precision Drilling from C$7.00 to C$7.50 in a research report on Tuesday, October 9th. Finally, TD Securities cut shares of Precision Drilling from an action list buy rating to a buy rating and increased their target price for the company from C$7.00 to C$7.50 in a research report on Wednesday, September 5th.

TSE:PD opened at C$3.76 on Tuesday. Precision Drilling has a fifty-two week low of C$2.89 and a fifty-two week high of C$5.33.

Precision Drilling (TSE:PD) (NYSE:PDS) last posted its quarterly earnings data on Thursday, July 26th. The company reported C($0.16) earnings per share for the quarter, missing the Zacks’ consensus estimate of C($0.14) by C($0.02). The company had revenue of C$330.72 million for the quarter, compared to analyst estimates of C$321.63 million. Precision Drilling had a negative return on equity of 10.28% and a negative net margin of 13.54%.

About Precision Drilling

Precision Drilling Corporation provides oil and natural gas drilling and related services and products. The company operates in two segments, Contract Drilling Services, and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry.

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