Cormark Reaffirms Buy Rating for Precision Drilling (PD)
Cormark restated their buy rating on shares of Precision Drilling (TSE:PD) (NYSE:PDS) in a research note published on Friday morning. The firm currently has a C$6.75 target price on the stock. Cormark also issued estimates for Precision Drilling’s Q1 2019 earnings at $0.00 EPS, Q3 2019 earnings at $0.02 EPS, Q4 2019 earnings at $0.03 EPS and FY2020 earnings at $0.27 EPS.
A number of other research firms have also recently issued reports on PD. Canaccord Genuity upgraded Precision Drilling from a hold rating to a buy rating in a report on Friday, November 9th. TD Securities cut Precision Drilling from an action list buy rating to a buy rating and increased their target price for the company from C$7.00 to C$7.50 in a report on Wednesday, September 5th. Raymond James dropped their target price on Precision Drilling from C$5.75 to C$5.60 and set an outperform rating for the company in a report on Tuesday, October 30th. GMP Securities increased their target price on Precision Drilling from C$7.00 to C$7.50 in a report on Tuesday, October 9th. Finally, CIBC dropped their target price on Precision Drilling from C$7.00 to C$6.25 in a report on Tuesday, October 16th. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of C$6.04.
PD opened at C$3.47 on Friday. Precision Drilling has a 12-month low of C$3.03 and a 12-month high of C$5.33. The company has a debt-to-equity ratio of 98.19, a current ratio of 1.85 and a quick ratio of 1.73.
In related news, Director Wane Jacob Stickland bought 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 31st. The stock was bought at an average cost of C$3.17 per share, for a total transaction of C$31,700.00. Insiders have purchased a total of 32,000 shares of company stock valued at $88,100 over 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.
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