Precision Drilling (PD) Lifted to Buy at Citigroup
Precision Drilling (TSE:PD) (NYSE:PDS) was upgraded by stock analysts at Citigroup from a “neutral” rating to a “buy” rating in a research note issued on Monday. The brokerage currently has a C$5.00 price objective on the stock, up from their prior price objective of C$3.50. Citigroup’s price objective would indicate a potential upside of 45.35% from the company’s current price.
A number of other research firms also recently commented on PD. TD Securities downgraded Precision Drilling from an “action list buy” rating to a “buy” rating and boosted their price objective for the stock from C$7.00 to C$7.50 in a research note on Wednesday, September 5th. GMP Securities boosted their price objective on Precision Drilling from C$7.00 to C$7.50 in a research note on Tuesday, October 9th. Canaccord Genuity dropped their price objective on Precision Drilling from C$5.25 to C$4.75 in a research note on Tuesday, October 16th. Raymond James dropped their price objective on Precision Drilling from C$6.50 to C$5.75 in a research note on Monday, October 15th. Finally, CIBC dropped their price objective on Precision Drilling from C$7.00 to C$6.25 in a research note 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’s stock. Precision Drilling currently has an average rating of “Buy” and a consensus target price of C$6.04.
PD stock traded up C$0.18 during trading on Monday, reaching C$3.44. 1,082,645 shares of the company’s stock were exchanged, compared to its average volume of 2,115,286. The company has a current ratio of 1.85, a quick ratio of 1.73 and a debt-to-equity ratio of 98.19. Precision Drilling has a 1-year low of C$3.03 and a 1-year high of C$5.33.
In other news, Director Wane Jacob Stickland acquired 10,000 shares of the company’s stock in a transaction dated Wednesday, October 31st. The shares were bought at an average price of C$3.17 per share, with a total value of C$31,700.00. Insiders bought a total of 32,000 shares of company stock worth $88,100 in the last three months.
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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