Precision Drilling (PD) Upgraded at Canaccord Genuity

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Precision Drilling (TSE:PD) (NYSE:PDS) was upgraded by Canaccord Genuity from a “hold” rating to a “buy” rating in a research report issued on Friday.

Several other analysts have also weighed in on PD. Cormark upped their target price on Precision Drilling from C$5.50 to C$6.00 in a report on Friday, July 27th. Raymond James decreased their price objective on Precision Drilling from C$5.75 to C$5.60 and set an “outperform” rating on the stock in a research note on Tuesday, October 30th. CIBC decreased their price objective on Precision Drilling from C$7.00 to C$6.25 in a research note on Tuesday, October 16th. GMP Securities increased their price objective on Precision Drilling from C$7.00 to C$7.50 in a research note on Tuesday, October 9th. Finally, TD Securities lowered Precision Drilling from an “action list buy” rating to a “buy” rating and increased their price objective for the company from C$7.00 to C$7.50 in a research note on Wednesday, September 5th.

Precision Drilling stock traded down C$0.07 during trading hours on Friday, hitting C$3.39. The stock had a trading volume of 1,011,131 shares, compared to its average volume of 2,110,044. The company has a debt-to-equity ratio of 98.29, a current ratio of 1.79 and a quick ratio of 1.65. Precision Drilling has a 1-year low of C$3.03 and a 1-year high of C$5.33.

Precision Drilling (TSE:PD) (NYSE:PDS) last posted its earnings results on Thursday, October 25th. The company reported C($0.10) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of C($0.08) by C($0.02). The business had revenue of C$382.46 million during the quarter, compared to the consensus estimate of C$395.40 million. Research analysts anticipate that Precision Drilling will post -0.02 earnings per share for the current fiscal year.

In other news, Director Wane Jacob Stickland acquired 10,000 shares of the business’s stock in a transaction dated Wednesday, October 31st. The shares were bought at an average cost of C$3.17 per share, for a total transaction of C$31,700.00. Over the last 90 days, insiders bought 32,000 shares of company stock worth $88,100.

Precision Drilling Company Profile

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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