CIBC Raises Precision Drilling (NYSE:PDS) Price Target to C$115.00

Precision Drilling (NYSE:PDS – Get Rating) (TSE:PD) had its price target hoisted by CIBC from C$82.50 to C$115.00 in a report released on Thursday morning, The Fly reports.

Several other equities research analysts also recently issued reports on the company. StockNews.com started coverage on Precision Drilling in a report on Thursday, March 31st. They set a hold rating on the stock. Royal Bank of Canada lifted their price objective on Precision Drilling from C$71.00 to C$81.00 in a report on Friday, February 11th. Zacks Investment Research upgraded Precision Drilling from a sell rating to a hold rating in a report on Wednesday, January 12th. National Bank Financial lifted their price objective on Precision Drilling from C$65.00 to C$80.00 in a report on Friday, February 11th. Finally, BMO Capital Markets lifted their target price on Precision Drilling from C$65.00 to C$75.00 in a research report on Friday, February 11th. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Buy and an average price target of $81.82.

Shares of NYSE:PDS opened at $82.37 on Thursday. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 0.90. Precision Drilling has a one year low of $24.50 and a one year high of $84.00. The business’s 50-day simple moving average is $63.56 and its 200 day simple moving average is $47.62.

Precision Drilling (NYSE:PDS – Get Rating) (TSE:PD) last announced its earnings results on Thursday, February 10th. The oil and gas company reported ($1.63) EPS for the quarter, missing the consensus estimate of ($1.28) by ($0.35). The company had revenue of $295.20 million for the quarter, compared to analysts’ expectations of $285.08 million. Precision Drilling had a negative net margin of 18.08% and a negative return on equity of 13.90%. The business’s quarterly revenue was up 46.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($2.10) earnings per share. On average, analysts expect that Precision Drilling will post -2.39 earnings per share for the current year.

A number of large investors have recently added to or reduced their stakes in PDS. MD Financial Management Inc. boosted its position in Precision Drilling by 72,588.5% during the 3rd quarter. MD Financial Management Inc. now owns 101,037 shares of the oil and gas company’s stock valued at $4,083,000 after purchasing an additional 100,898 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its position in Precision Drilling by 38.4% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 340,130 shares of the oil and gas company’s stock valued at $13,733,000 after purchasing an additional 94,300 shares during the period. PCJ Investment Counsel Ltd. raised its stake in Precision Drilling by 39.5% during the 4th quarter. PCJ Investment Counsel Ltd. now owns 274,930 shares of the oil and gas company’s stock valued at $9,721,000 after acquiring an additional 77,800 shares in the last quarter. TD Asset Management Inc. raised its stake in Precision Drilling by 56.2% during the 4th quarter. TD Asset Management Inc. now owns 148,258 shares of the oil and gas company’s stock valued at $5,245,000 after acquiring an additional 53,370 shares in the last quarter. Finally, Morgan Stanley raised its stake in Precision Drilling by 60.2% during the 2nd quarter. Morgan Stanley now owns 132,802 shares of the oil and gas company’s stock valued at $5,538,000 after acquiring an additional 49,910 shares in the last quarter. Institutional investors and hedge funds own 43.10% of the company’s stock.

Precision Drilling Company Profile (Get Rating)

Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates in two segments, Contract Drilling Services; and Completion and Production Services.

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