Raymond James Cuts Precision Drilling (PD) Price Target to C$5.60

Precision Drilling (TSE:PD) (NYSE:PDS) had its price target trimmed by Raymond James from C$5.75 to C$5.60 in a report issued on Tuesday morning. The brokerage currently has an outperform rating on the stock.

A number of other analysts also recently commented on the stock. CIBC dropped their target price on shares of Precision Drilling from C$7.00 to C$6.25 in a report on Tuesday, October 16th. Canaccord Genuity dropped their target price on shares of Precision Drilling from C$5.25 to C$4.75 in a report on Tuesday, October 16th. GMP Securities boosted their target price on shares of Precision Drilling from C$7.00 to C$7.50 in a report on Tuesday, October 9th. TD Securities downgraded shares of Precision Drilling from an action list buy rating to a buy rating and boosted their target price for the stock from C$7.00 to C$7.50 in a report on Wednesday, September 5th. Finally, Cormark boosted their target price on shares of Precision Drilling from C$5.50 to C$6.00 in a report on Friday, July 27th.

TSE PD opened at C$3.16 on Tuesday. Precision Drilling has a 12 month low of C$3.03 and a 12 month high of C$5.33.

Precision Drilling (TSE:PD) (NYSE:PDS) last released its earnings results on Thursday, October 25th. The company reported C($0.10) EPS for the quarter, missing analysts’ consensus estimates of C($0.08) by C($0.02). Precision Drilling had a negative return on equity of 10.28% and a negative net margin of 13.54%. The business had revenue of C$382.46 million during the quarter, compared to the consensus estimate of C$395.40 million.

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

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.

See Also: Cash Flow

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