Canadian Imperial Bank of Commerce Forecasts Strong Price Appreciation for Precision Drilling (TSE:PD) Stock

Precision Drilling (TSE:PD) (NYSE:PDS) had its price objective increased by analysts at Canadian Imperial Bank of Commerce from C$140.00 to C$150.00 in a note issued to investors on Tuesday,BayStreet.CA reports. Canadian Imperial Bank of Commerce’s target price indicates a potential upside of 7.27% from the stock’s previous close.

PD has been the topic of several other research reports. National Bank Financial boosted their price target on Precision Drilling from C$120.00 to C$140.00 and gave the company a “sector perform” rating in a research report on Friday, February 13th. Raymond James Financial upped their target price on shares of Precision Drilling from C$131.00 to C$143.00 and gave the stock an “outperform” rating in a research report on Friday, February 13th. Royal Bank Of Canada lifted their price target on Precision Drilling from C$124.00 to C$140.00 and gave the stock an “outperform” rating in a research note on Monday. TD Securities raised their price target on Precision Drilling from C$118.00 to C$123.00 in a research report on Thursday, February 12th. Finally, ATB Cormark Capital Markets lifted their target price on shares of Precision Drilling from C$135.00 to C$160.00 and gave the stock an “outperform” rating in a research note on Monday. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of C$143.71.

Precision Drilling Stock Up 1.8%

Shares of TSE:PD traded up C$2.48 during trading on Tuesday, hitting C$139.84. 60,306 shares of the company were exchanged, compared to its average volume of 92,978. Precision Drilling has a 12-month low of C$51.38 and a 12-month high of C$142.08. The stock has a market capitalization of C$1.81 billion, a P/E ratio of 998.86, a PEG ratio of -3.24 and a beta of 1.09. The company has a debt-to-equity ratio of 49.96, a current ratio of 1.62 and a quick ratio of 1.36. The firm’s 50 day moving average price is C$117.18 and its 200-day moving average price is C$96.76.

Precision Drilling (TSE:PD) (NYSE:PDS) last issued its quarterly earnings data on Thursday, February 12th. The company reported C($6.50) earnings per share (EPS) for the quarter. The firm had revenue of C$478.51 million for the quarter. Precision Drilling had a return on equity of 0.11% and a net margin of 0.10%.

About Precision Drilling

Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha¿ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen¿ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations.