Royal Bank of Canada Has Lowered Expectations for Precision Drilling (TSE:PD) Stock Price

Precision Drilling (TSE:PD) (NYSE:PDS) had its price objective lowered by investment analysts at Royal Bank of Canada from C$110.00 to C$89.00 in a report released on Thursday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price indicates a potential upside of 48.23% from the stock’s previous close.

A number of other research firms have also commented on PD. Raymond James lowered Precision Drilling from a “strong-buy” rating to an “outperform” rating and dropped their price objective for the stock from C$141.00 to C$124.00 in a research note on Wednesday, April 9th. TD Securities cut their price target on Precision Drilling from C$89.00 to C$69.00 and set a “hold” rating for the company in a report on Wednesday. Finally, CIBC lowered their price objective on shares of Precision Drilling from C$115.00 to C$95.00 in a research note on Thursday, April 10th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Precision Drilling currently has a consensus rating of “Moderate Buy” and a consensus target price of C$98.33.

Precision Drilling Stock Performance

TSE:PD opened at C$60.04 on Thursday. The firm has a market capitalization of C$854.37 million, a PE ratio of 3.53, a PEG ratio of -3.24 and a beta of 2.76. Precision Drilling has a 1 year low of C$51.38 and a 1 year high of C$109.20. The company has a current ratio of 1.54, a quick ratio of 1.36 and a debt-to-equity ratio of 51.98. The firm’s fifty day simple moving average is C$66.38 and its 200 day simple moving average is C$79.79.

Insiders Place Their Bets

In related news, Director Carey Thomas Ford sold 5,108 shares of Precision Drilling stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of C$77.66, for a total value of C$396,686.26. Also, Senior Officer Veronica H. Foley sold 3,393 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of C$77.66, for a total transaction of C$263,499.70. Corporate insiders own 2.12% of the company’s stock.

Precision Drilling Company Profile

Precision Drilling Corp is a leader in North American oil and gas services. It is a provider of contract drilling and completion and production services primarily to oil and natural gas exploration and production companies in Canada. Its segments are Contract Drilling Services which is the majority key revenue generator and other segments include Completion and Production Services.