Brokerages Set Precision Drilling Corp (TSE:PD) Target Price at C$4.50

Precision Drilling Corp (TSE:PD) (NYSE:PDS) has been assigned a consensus rating of “Strong Buy” from the twelve ratings firms that are presently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is C$4.50.

Several brokerages have issued reports on PD. TD Securities raised Precision Drilling from a “buy” rating to an “action list buy” rating and dropped their target price for the company from C$5.00 to C$4.50 in a research report on Wednesday, September 4th. Citigroup dropped their target price on Precision Drilling from C$4.50 to C$3.50 in a research report on Thursday, June 6th. CIBC dropped their target price on Precision Drilling from C$4.75 to C$4.50 in a research report on Thursday, July 18th. Raymond James set a C$4.75 target price on Precision Drilling and gave the company a “strong-buy” rating in a research report on Tuesday, August 20th. Finally, Canaccord Genuity dropped their target price on Precision Drilling from C$3.50 to C$2.75 in a research report on Friday, August 16th.

TSE:PD remained flat at $C$1.84 during midday trading on Friday. The company had a trading volume of 9,709,100 shares, compared to its average volume of 1,548,080. Precision Drilling has a 52 week low of C$1.36 and a 52 week high of C$4.90. The stock has a market capitalization of $540.56 million and a P/E ratio of -2.48. The company’s 50 day simple moving average is C$1.73 and its 200-day simple moving average is C$2.58. The company has a quick ratio of 1.62, a current ratio of 1.83 and a debt-to-equity ratio of 102.02.

Precision Drilling (TSE:PD) (NYSE:PDS) last announced its quarterly earnings data on Thursday, July 25th. The company reported C($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of C($0.10) by C$0.05. The firm had revenue of C$359.42 million during the quarter, compared to the consensus estimate of C$343.27 million. As a group, research analysts predict that Precision Drilling will post -0.06 EPS for the current year.

In other Precision Drilling news, Director Kevin A. Neveu acquired 35,000 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was purchased at an average price of C$1.43 per share, for a total transaction of C$50,015.00. Following the acquisition, the director now owns 1,055,966 shares in the company, valued at approximately C$1,508,975.41.

About Precision Drilling

Precision Drilling Corporation, an oilfield services company, 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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Analyst Recommendations for Precision Drilling (TSE:PD)

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