Raymond James Lowers Precision Drilling (TSE:PD) Price Target to C$0.80

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Precision Drilling (TSE:PD) (NYSE:PDS) had its price target cut by equities researchers at Raymond James from C$1.15 to C$0.80 in a report issued on Wednesday, BayStreet.CA reports. The brokerage currently has an “outperform” rating on the stock. Raymond James’ target price would suggest a potential upside of 73.91% from the company’s current price. Raymond James also issued estimates for Precision Drilling’s FY2020 earnings at ($0.56) EPS and FY2021 earnings at ($0.64) EPS.

PD has been the subject of a number of other reports. National Bank Financial cut their price objective on shares of Precision Drilling from C$2.50 to C$1.50 and set an “outperform” rating for the company in a research report on Tuesday. Evercore cut their price objective on shares of Precision Drilling from C$2.00 to C$1.50 in a research report on Wednesday. Citigroup cut their price objective on shares of Precision Drilling from C$0.80 to C$0.50 in a research report on Wednesday. Tudor Pickering restated a “buy” rating on shares of Precision Drilling in a research report on Tuesday, January 7th. Finally, Royal Bank of Canada cut their price objective on shares of Precision Drilling from C$1.50 to C$1.25 and set an “outperform” rating for the company in a research report on Wednesday. Four research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Precision Drilling currently has a consensus rating of “Buy” and a consensus target price of C$1.85.

PD stock opened at C$0.46 on Wednesday. The firm has a 50 day moving average of C$1.30 and a 200-day moving average of C$1.55. The company has a current ratio of 1.93, a quick ratio of 1.48 and a debt-to-equity ratio of 97.85. Precision Drilling has a 12 month low of C$0.39 and a 12 month high of C$4.05. The firm has a market capitalization of $112.75 million and a P/E ratio of 23.00.

In other Precision Drilling news, Director Allen R. Hagerman purchased 50,000 shares of the firm’s stock in a transaction on Thursday, March 12th. The shares were purchased at an average cost of C$0.58 per share, with a total value of C$29,000.00. Following the completion of the purchase, the director now owns 74,277 shares of the company’s stock, valued at approximately C$43,080.66. Insiders have acquired 67,500 shares of company stock worth $40,835 over the last three months.

About Precision Drilling

Precision Drilling Corporation, an oilfield services company, 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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