Precision Drilling (PD) Stock Price Up 0.9% After Analyst Upgrade

Shares of Precision Drilling Co. (TSE:PD) (NYSE:PDS) rose 0.9% during mid-day trading on Friday after GMP Securities raised their price target on the stock from C$5.75 to C$6.50. The company traded as high as C$4.55 and last traded at C$4.49. Approximately 2,170,277 shares changed hands during mid-day trading, a decline of 33% from the average daily volume of 3,249,110 shares. The stock had previously closed at C$4.45.

PD has been the topic of a number of other reports. Canaccord Genuity decreased their price target on Precision Drilling from C$4.25 to C$3.75 in a research note on Monday, October 30th. BMO Capital Markets reissued an “outperform” rating and issued a C$6.00 price target on shares of Precision Drilling in a research note on Monday, October 30th. Deutsche Bank reissued a “hold” rating and issued a C$4.00 price target on shares of Precision Drilling in a research note on Tuesday, October 10th. Royal Bank of Canada decreased their price target on Precision Drilling from C$7.00 to C$6.00 and set an “outperform” rating on the stock in a research note on Friday, October 6th. Finally, CIBC decreased their price target on Precision Drilling from C$8.00 to C$7.00 in a research note on Friday, October 20th. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of C$5.68.

The firm has a market cap of $1,380.00, a price-to-earnings ratio of -12.03 and a beta of 1.43.

Precision Drilling (TSE:PD) (NYSE:PDS) last posted its quarterly earnings data on Friday, October 27th. The company reported C($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of C($0.12) by C$0.03. Precision Drilling had a negative return on equity of 5.62% and a negative net margin of 8.36%.

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About Precision Drilling

Precision Drilling Corporation (Precision) is an oilfield services company. The Company provides onshore drilling and completion and production services to exploration and production companies in the oil and natural gas industry. The Company operates through two segments: Contract Drilling Services, and Completion and Production Services.

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